The Pros And Cons Of Intrinsic And Extrinsic Motivation

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It is essential for business managers to know what motivates their employees. With motivation, both employees and managers are benefitted as managers benefit from better job performance, and the employees are satisfied with their jobs. The main focus here is looking at motivation in the workplace and if money is the only factor in motivating employees on better job performance and job satisfaction. There are many different points of views upon the subject, that explores content and process motivation theories. Content theories are based on the drives and needs of individuals, and process theories addresses on how individuals’ choices behave with respect to goals. These theories will discuss about intrinsic and extrinsic rewards. Intrinsic rewards …show more content…
Extrinsic rewards are given from managers to employees. These could include work benefits, bonuses, promotions and others. (Buchanan and Huczynski, 2016)

Firstly, the discussion of where money could be a motivational factor for employees is supported by a recognized and famous motivational theory. This theory is known as the expectancy theory, or Valence-Instrumentality-Expectancy theory, which was designed by Victor Vroom (Pinder, 1998). What the theory explains is that “people base their action on their perceptions and beliefs” (Latham, 2012). The theory was created to provide an explanation of work behaviour of employees in the working environment. There are three components that make up Vroom’s expectancy theory which are expectancy, instrumentality, and valence. The first is expectancy, which in the work environment, is the belief if employees are hard-working, their job performance would improve. The second is instrumentality, according to Pinder’s book, Work Motivation in Organizational Behaviour, is
…show more content…
The theory explains that individuals have five basic needs which motivates them; psychological, safety, love, esteem and self-actualization. Maslow believes that “human needs arrange themselves in hierarchies of prepotency” (Udechukwu, 2009). These five needs are arranged as like a food pyramid where the lowest level is the easiest to obtain, and as the individual progresses, the difficulty in obtaining the next level increases. The first need in order from lowest to highest need, is psychological needs. This could include food and water, warmth and rest. The second need which is more difficult to achieve for individuals are safety needs, and these needs have to do with job security, feeling safe, protection and others. If an individual was to lose his/her job, it would have a negative impact in the future for the individual. The individual is motivated in achieving these safety needs in order to be satisfied. The third one is love and belonging, which addresses an individual’s relationships with other certain individuals. The fourth need are esteem needs and this has to do with an individual’s social status, such as feeling respected from others, and feeling a sense of achievement. The last need is self-actualization needs, which deals with an individual’s desires and goals for personal growth. An individual who has

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