Compare and contrast the benefits of intrinsic rewards,such as recognition,and extrinsic rewards,such as pay,as form of motivation.Explain ( 10 marks ) ANSWER FOR Q2.
Definition Of Motivation
Motivation is defined as the incentive that is given for inspiration to accomplish something. Motivation can persuade someone to think a certain way or a drive that moves them to do a certain thing.Definitions of motivation abound. One thing these definitions have in common is the inclusion of words such as "desire", "want", "wishes","aim","goals", "needs", and" incentives". Luthan (1998) defines motivation as, "a process that starts with a physiological deficiency or need that activates a behaviour or a drive that is aimed at a goal incentive". Therefore, the key to understanding the process of motivation lies in the meaning of, and relationship among, needs, drives, and incentives. Relative to this, Minner, Ebrahimi, and Watchel, (1995) state that in a system sense, motivation consists of these three interacting and interdependent elements, i.e., needs, drives, and incentives. Managers and management researchers have long believe that organizational goals are unattainable without the enduring commitment of members of the organizations. Motivation is a human psychological characteristic that contributes to a person's degree of commitment (Stoke, 1999). It includes the factors that cause, channel, and sustain human behaviour in a particular committed direction. Stoke, in Adeyemo (1999) goes on to say that there are basic assumptions of motivation practices by managers which must be understood. First, that motivation is commonly assumed to be a good thing. One cannot feel very good about oneself if one is not motivated. Second, motivation is one of several factors that go into a person's performance. Factors such as ability, resources, and conditions under which one performs are also important. Third, managers and researchers alike assume that motivation is in short supply and in need of periodic replenishment. Fourth, motivation is a tool with which managers can use in organizations. If managers know what drives the people working for them, they can tailor job assignments and rewards to what makes these people "tick." Motivation can also be conceived of as whatever it takes to encourage workers to perform by fulfilling or appealing to their needs. To Olajide (2000), "it is goal-directed, and therefore cannot be outside the goals of any organization whether public, private, or non-profit".
Definition of Rewards
Rewards are positive results or benefits obtained as a result of an employee's performance. This consideration is consistent with the goals of the organization. Employees who help the company or an organization to achieve the rewards will be given.Rewards may be considered as a form or a tool used by a company or an organization to motivate employees to work more diligently and earnestly to achieve a goals required by a company or a organization.Rewards may be given in the form of bonuses or remuneration system , interest, insurance, allowances and certificates.
Rewards as a motivation at workplace ( Intel )
There is a many recognition given by Intel to the employees who work with outstanding or successfull. Goodie Drawer Awards are used to recognize people who live and breathe the Intel values. People who in their manner of work and attitude demonstrate those qualities that make us all cheer. People who do unusually well things like:
ECBP - Employee Cash Bonus Program
The Employee Cash Bonus Program is a bonus through which Intel shares profits with employees by paying a cash reward twice a year. The ECBP encourages Intel employees to focus on company profitability.
Provides a form of informal recognition to employees on their birthday. Provides the employee’s direct manager a heads up notice and reminder on their direct staff’s incoming birthday.