Intrinsic Motivators Versus Financial Incentives Term Paper (Term Paper Sample)

INTRINSIC MOTIVATORS VERSUS FINANCIAL INCENTIVES
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Table of Contents
Introduction 3
Intrinsic Motivators 3
Self Determination Theory 4
Self Determination Theory in the Workplace5
Importance of Intrinsic motivation in workplace 6
Successful Organizations Employing Intrinsic motivation 7
Quora 7
Google 7
Duolingo 8
Financial incentives 9
Problems Associated with Financial Incentives 9
Conclusion 10
References12
Introduction
Debates have been raised on whether or not it is important for organizations to motivate their employees. I say that employee motivation is the very core of improved productivity in each and every business, company or organization that is set to improve its workforce productivity. A well motivated workforce transforms the workplace and pushes harder towards achievement of the business goals. Motivating the employees not only helps improve their productivity but also helps improve their attitudes. It also increases the employee turnover and makes them better listeners and willing to change.
1 There are various types of methods that the management can decide to use as a motivational tool for employees. This paper will however discuss intrinsic motivators and financial incentives. I will use credible examples from different organizations to expound on which method is more plausible.
I agree with the statement that in the modern knowledge economy, intrinsic motivators are much more important for organizations to employ than using financial incentives.
Intrinsic Motivators
Intrinsic motivation refers to the motivation that comes from within. It is not based on the possibility of any external reward such as grades or money. This kind of motivation is usually fuelled by the pleasure and the satisfaction that one gets from the completion of a task. A sales person who is intrinsically motivated will wake up each day and ensure that he closes as many deals as possible since he enjoys doing so. An intrinsically motivated manager will come up with important solutions to challenges because doing so gives him satisfaction but not because someone will recognize his efforts and reward them.