Intrinsic and Extrinsic Motivation - Assignment Example

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The author of the paper will begin with the statement that as the recent recession is slowing starting to become an image in the economic rearview mirror, the realities of corporate performance begin to take center stage. A key area is what this means to the average employee…
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Download file to see previous pages Two important facets of reward management are intrinsic and extrinsic motivation. The first is motivated internally entailing by the interest or enjoyment of what one does, including recognition, trust, and empowerment. Extrinsic motivation is the opposite, entailing monetary rewards, promotions, and competition. It falls under Frederick Herzberg’s motivation-hygiene theory. Theories play a part in constructing compensation methods as they use an analysis of human behavior and motivation factors. Under Vroom’s valence and expectancy theory, he asserts individuals can be motivated to act in certain ways based on the culture instilled in the organization under the team concept. Its three core elements consist of efforts and performance, performance and reward along with rewards for goal achievement. These are aspects companies need to instill in their HR and company cultures where rewards are tied to results achieved. Another theory that helps to explain a basis for changing the reward culture is Adams’ equity theory. It is based on the fact individuals are motivated to act based on their belief of the fairness or unfairness of a company’s reward structure. If the foundation for compensation is put into terms that are directly connected to performance, then it is clear higher rewards are the outcome of better input and outcomes on their part. Adams’ equity theory fits with Skinner’s reinforcement theory as they both call for designing an environment supporting new thinking and an atmosphere for change. This is in keeping with the view of shareholders and the government. Interestingly, Edwin Locke’s goal-setting theory can be found in the above as it calls for setting clear objectives and ground rules. By having clearly defined parameters concerning what is expected and acceptable regarding executive compensation, the ethical and moral temper of the country and boardrooms is forced to change in keeping with the mode of the land. Adams’ equity theory helps to explain the need for a shift in the thinking of the country where internal (or intrinsic) rewards are the foundation as opposed to external (extrinsic) considerations. This fits into the cognitive evaluation theory where the removal of external stimulus shifts the emphasis to internal stimulus motivated by performance, and results. In terms of practical approaches, there are varied suggestions and recommendations. One consists of utilizing bonuses as an incentive. A bonus/performance compensation plan is now used by over 90% of FTSE companies to reduce exposure to shareholder objection over executive and director pay increases. Many firms use a calculation where bonus payments are tied to a performance that is compared to the company’s competitors (BBC News, 2012a). However, in some instances, it is based on the increase in the share price. The latter turned out to be something of a windfall for some executives as their base salary packages in place before the recession allowed them to benefit from the rebound of the market back to pre-recession levels. The fallacy is this basically did not require them to do anything noteworthy. The last illustration indicates that whilst changes were made to appease shareholders, the moves were more icing than substance. ...Download file to see next pagesRead More
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