Extrinsic and intrinsic rewards are the keys to anyone’s motivation, but you need to understand the main difference between them. The reason is many people are confused with differentiating them.
Extrinsic and intrinsic are two key rewards that compel human beings to be on their excellent behavior and also earn a reward for their future performance at work. Intrinsic ones only involve the abstract rewards by praising words and appreciation by employers, while extrinsic ones include appraisal and money-related appreciation.
However, this blog post will discuss the main difference between these two rewards. So, let’s start the article without wasting any time.
This motivation or reward refers to the physical rewards that motivate to do more. Intangible rewards such as achievement, a sense of reward, or satisfaction make up intrinsic rewards. Moreover, an extrinsic reward is a physical award you receive to achieve good performance at your workplace.
Examples of intrinsic may include:
- Appreciation in front of office staff
- A message from your boss saying you’ve done great
- Commending your achievements in front of your colleagues
- It means only verbal appreciation that will not be giving any physical gifts or rewards.
Extrinsic motivation or reward will not be just a verbal thing. However, you can think of an extrinsic reward as the physical appreciation reward for your work.
It’s a tangible award that will give you some accreditation in your employees and also benefit you monetarily.
Examples of extrinsic rewards include:
- Pay raises at your workplaces
- Bonuses for your current projects
- Also, benefits may consist of vacations, health insurance, cars, or anything else.
Intrinsic Vs. Extrinsic Rewards
|Intrinsic Vs. Extrinsic – A Comparison Table|
|Intrinsic Rewards||Extrinsic Rewards|
|Intangible award for someone’s work with no physical rewards||Tangible awards for the appreciation of someone’s achievement.|
|It only includes rewards that you can’t touch and only feel.||These rewards can be felt and touched because they aren’t given verbally.|
|Intrinsic Rewards include commending your work, appreciation from the boss, etc.||Extrinsic rewards include a salary appraisal, bonus, vacations, and also other benefits.|
Are intrinsic rewards more important than extrinsic rewards?
Yes, intrinsic rewards are considered more vital for a productive work environment. Moreover, they motivate you without any temptation and will be more effective if you want long-term advantages.
Which type of reward is better and Why?
Intrinsic rewards are better because they provide a sense of personal satisfaction as the employer rewards you for your work. But with this motivation, you need extrinsic rewards as well. So both have prime importance in life.
How do extrinsic and also intrinsic rewards affect motivation?
Intrinsic and extrinsic rewards drive the employees to work and also make more efforts to bring in more revenue and success to a company.
Take a mere example; Facebook has continually appraised the employees with such rewards that have worked hard and commended their achievements and efforts. So, this has brought potential benefits to the platform.
Intrinsic and extrinsic rewards are two different forms of appreciation key terms in business language. Employers recognize intrinsic rewards as verbal appraisal, while extrinsic rewards will monetize people’s achievements.
Both rewards will lead to personal development and uplifting of business and the employee and make a substantial relationship that prospers in the future and provides more fruitful benefits to the company.
That was all about the Intrinsic Vs. Extrinsic rewards. The purpose is to help you in differentiating both from each other.