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Human Resource Management, Extrinsic and Intrinsic Award - Essay Example

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Do you think that there is a stronger need for extrinsic rewards as opposed to intrinsic As a manager, how can you create an environment where the intrinsic and extrinsic rewards are balanced Total words: 252
Extrinsic rewards: These are rewards that come from the external environment of an employee such as financial benefits, increased span on control etc…
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Human Resource Management, Extrinsic and Intrinsic Award
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Download file to see previous pages These rewards are more relevant in low power-distance countries with good governmental support systems (Buelens et al., 2006, Pg. 232).
Hence the need for extrinsic or intrinsic rewards should be gauged with reference to these social and cultural contexts. However in the era of globalization, making a choice between intrinsic or extrinsic becomes difficult. Balancing between these two extremes is a must for a modern day manager.
As a manager, creating congenial environment that encourages intrinsic motivation will develop into intrinsic rewards at a later point. Framing rewards and recognition programs (extrinsic rewards) that complement an individual's intrinsic motivation will yield efficient results as well. E.g. recognizing the quick learning curve of an employee re-asserts the fact that intrinsic rewards such as learning will be rewarded if they are in line with company objectives. Overall balancing is an act of recognizing employee motivation rather than making choices on their behalf.
What is the relationship between an employee's salary and his or her feeling of worth Explain your rationale from the viewpoints of an employee and a manager. How can managers create a balance between the two Total words: 250
Employee's salary can have a positive/negative feeli...
177-179). Hence a perception of fulfillment of these needs increases the feeling of worth and vice-a -versa.
From an employee view-point salary should compensate for skill sets, previous experience, job responsibilities and be comparable with best in the industry. However a higher need for esteem fulfillment is also cognitively linked to salary in an employee's mind.
From a manager's aspect salary is only flexible to the extent that it remains within the band prescribed by the organization for a particular level. Salary accounts to cost if the manager is responsible for a cost location. Hence in terms of worth, manager has fewer strings to influence the perception considering only the $ value of salary.
Manager can create a balance by providing a salary structure that reflects the perception of worth in the employee's mind such as performance related pay, recognition for additional responsibilities handled etc. Apart from basic need fulfillment, employee perception can be influenced by fulfilling the need for esteem. Higher responsibilities, skill variety, task identity and significance (Buelens et al., 2006, Pg.193-194) - All these can be part of the overall job package apart from salary, which will influence the perception of worth positively. As a conclusion, compensation should be seen as a continuum of satisfying needs and flexed within boundaries to improve the perception of worth.
What type of compensation component would you like to have through your employer that is not currently offered Explain your rationale. Explain both the benefits and negatives this component will bring to you as an employee and will bring to the company. Total words: 257
Performance based pay is the new component preferred. ...Download file to see next pagesRead More
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