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The effectiveness of an organization's performance and reward management system can have a significant impact on employee motivation, morale, and ultimately, their productivity. According to a 2008 study, a poorly designed or implemented reward system can lead to counterproductive behaviour and ultimately undermine the goals of the organisation.
Effective motivation strategies take into account the individual's unique needs and preferences, while also recognizing the role that both types of rewards play in influencing behaviour. It is important to achieve the right blend of intrinsic and extrinsic rewards within the overall compensation and benefits offered to an employee.
Employee motivation is an intrinsic and internal drive to put forth the necessary effort and action towards work-related activities. It has been broadly defined as the "psychological forces that determine the direction of a person's behavior in an organisation, a person's level of effort and a person's level of persistence". [1]
Selecting the appropriate rewards is vital to any program's success. The goal in choosing rewards is to select items that will spark the participant's interest or feelings, and support the program's objectives. Effective rewards will both motivate short-term behavior and provide motivation over time. There are several types of rewards.
The reward system (the mesocorticolimbic circuit) is a group of neural structures responsible for incentive salience (i.e., "wanting"; desire or craving for a reward and motivation), associative learning (primarily positive reinforcement and classical conditioning), and positively-valenced emotions, particularly ones involving pleasure as a core component (e.g., joy, euphoria and ecstasy).
[12] [13] [14] For instance, an employee might mentor a new team member not because of a specific reward, but because they find fulfillment in helping others grow professionally. On the other hand, extrinsic motivation comes from external stimuli, typically in the form of rewards or punishments.
The expectancy theory of motivation explains the behavioral process of why individuals choose one behavioral option over the other. This theory explains that individuals can be motivated towards goals if they believe that there is a positive correlation between efforts and performance, the outcome of a favorable performance will result in a desirable reward, a reward from a performance will ...
If the rewards stop, the new behaviour can also stop. Incentivisation tends to be more effective at forming permanent habits if they only reward us sometimes. [21] On this note, incentivisation can be likened to operant conditioning, the association of a voluntary behaviour with a consequence. Take the example of someone receiving pocket money.