Discover the power of Intrinsic Rewards. Learn how these internal motivators drive engagement and are vital for business growth and success.
Intrinsically motivated employees deliver better performance. There are times when a high salary and numerous bonuses and perks are not enough to maintain employee motivation. How will such incentives matter if the person does not feel satisfaction or motivation after the completion of his task? As a professional, we must have felt satisfied or proud after completing a task. This feeling of accomplishment comes from within, and we refer to it as an intrinsic reward.
What is an Intrinsic Reward?
Intrinsic reward is something which comes from within a person. It refers to the psychological satisfaction one receives upon completing a task or task. The person gets the feeling of pride and accomplishment from within as he/she enjoys the work.
What is the difference between Extrinsic vs Intrinsic rewards?
Extrinsic rewards are something which are tangible in nature such as a bonus, incentive, monetary perks and more. Although intrinsic rewards differ from extrinsic rewards in nature, they are equally motivating for employees. While intrinsic rewards are self-driven, extrinsic rewards are motivated by external factors such as money or tangible rewards.
Employees who receive intrinsic rewards are internally motivated and provide a wide range of benefits to the company that may extend beyond their specific roles.
When employees enjoy what they do and are involved in their tasks, they are persistent in completing the task however challenging the task is. They are willing to go beyond what is required. Such a positive attitude comes only when the employee is intrinsically motivated.
Intrinsic rewards entail higher levels of involvement and engagement at work. When the work brings joy and happiness to the individual, the level of engagement is at a very different level which one cannot hope to gain through monetary rewards.
Suggested Read: Employee Engagement Surveys â€“ A Comprehensive Guide
The learning attitude is at a very different level when the employee receives intrinsic motivation. One is not upskilling for money but recognition and stature that one achieves after that. An intrinsic employee does not require any motivation or extra perks to learn a new skill.
An employee who immerses himself in a task which gives happiness leads to better performance. The person gradually strives to improve himself/herself at work without any external motivating factors. Moreover, such employees do not require any monitoring by their managers.
Intrinsically motivated employees are more likely to be loyal to an organisation. As they are happy and enjoy their work, they will tend to stay with the organization for a longer period of time.
Unless we link the task or job to the larger purpose of the organisation and what the company stands to achieve with the same, a sense of purpose does not come. It is challenging for the employees to understand how they are contributing to the larger goal of the organisation. If a sense of purpose is missing, it remains a mere job for the individual.
Every individual will have a different trigger to intrinsically motivate oneself. Some want to grow in their career and want to get into leadership positions, and others may just want to be specialists in what they do. Some might want to lead teams, and others may just want to be individual contributors. HRs can assimilate the motivating factors through internal surveys and research and build their engagement strategy.
Allowing some freedom to employees is important to give autonomy to employees. For instance, 3M, an American-based conglomerate, gives 15% of employees? time to spend on projects in which they want to work. This allows them to work on tasks which give them joy and satisfaction.
An employee voluntary programme gives an opportunity to the employee to give back something to the community. This helps in building a sense of purpose in an individual?s life. It will allow the person to have some purpose in life which will also help him/her in having a higher level of engagement at work.
When people are learning and upskilling & reskilling themselves continuously, they feel more engaged at their work. Giving them opportunities to keep learning new skills at their present role or also creating opportunities to build a career in a different field motivates the employee from inside. For instance, if the company can invest in an employeeâ€™s higher education, it helps the employee to move up in his/her career.
Suggested Read: 6 Reasons Employee Recognition Supports Your Business Growth
In spite of this, people still debate whether intrinsic or extrinsic rewards are more important. Each employee reward system has its own value. Even an employee working in the banking or financial sector also needs intrinsic rewards in addition to tangible rewards in order to remain motivated at work. On the other hand, a writer or a designer who loves his/her job also wants monetary rewards to sustain and see monetary growth.Â