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Intrinsic incentives and extrinsic incentives are both important in driving people's behavior. Experts believe that intrinsic incentives are stronger motivators compared to extrinsic incentives as they increase employees’ work engagement and genuine enjoyment of work. [10]
Benefits – Employee benefits refer to the non-wage advantages offered by employers alongside standard salaries or wages. The benefits included in this total compensation package are designed to attract, retain, and motivate employees, while also improving their well-being and job satisfaction.
An incentive program is a formal scheme used to promote or encourage specific actions or behavior by a specific group of people during a defined period of time. Incentive programs are particularly used in business management to motivate employees and in sales to attract and retain customers.
The Bureau of Labor Statistics, [3] like the International Accounting Standards Board, [4] defines employee benefits as forms of indirect expenses. Managers tend to view compensation and benefits in terms of their ability to attract and retain employees, as well as in terms of their ability to motivate them.
Through incentive compensation structures, employees can be guided to focus their attention and efforts on certain organizational goals. The goals that are reinforced through incentive pay should be carefully considered to make sure they are in alignment with the organizational objectives.
It is important to understand which type of incentive motivates the target group of an incentivization strategy. For instance, exposure to extrinsic monetary incentives may counteract other incentives/motivations and lead to less overall interest in the task. [7] In cases like this, incentivization backfires.
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