What is it?
Intrinsic rewards are non-monetary rewards that stem from an individual's internal satisfaction and motivation. These rewards are derived from the personal fulfilment, enjoyment, or sense of accomplishment that comes from doing a task well. Unlike extrinsic rewards, which are external (such as salary increases, bonuses, or public recognition), intrinsic rewards are internal and are closely tied to the nature of the work itself and the personal values and goals of the employee. Common examples of intrinsic rewards include:some text
- A sense of achievement from completing a challenging task.
- Personal growth and development from learning new skills.
- Satisfaction from making a meaningful contribution to a team or project.
- Autonomy in decision-making or managing one's tasks.
- Recognition of mastery or expertise in a particular area.
Why is it important?
- Enhances Motivation and Engagement: Intrinsic rewards are often more sustainable for long-term motivation because they tap into an individual’s internal drive. Employees who are intrinsically motivated are likely to be more engaged, passionate about their work, and committed to achieving high performance.
- Fosters Job Satisfaction: When employees derive personal satisfaction from their work, it leads to higher job satisfaction and overall well-being. Employees who experience intrinsic rewards feel a stronger sense of purpose in their roles, leading to increased loyalty and retention.
- Encourages Creativity and Innovation: Intrinsic rewards, such as the satisfaction of problem-solving or working on challenging projects, stimulate creativity and innovation. Employees who are motivated by a desire to achieve or create often contribute more valuable ideas and solutions.
- Supports Personal and Professional Growth: The desire for mastery, autonomy, and personal development can drive employees to seek opportunities for growth and continuous improvement, benefiting both the individual and the organisation.
- Improves Teamwork and Collaboration: Intrinsic rewards, such as the satisfaction of contributing to a successful team project, can improve teamwork and collaboration by fostering a sense of shared purpose and fulfilment.
- Reduces Turnover: When employees find intrinsic value in their work, they are less likely to leave for external rewards (like higher salaries elsewhere), reducing turnover rates and improving organisational stability.
