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Logician Tarot
Logician Tarot

How to earn and redeem points with Microsoft Rewards


How to Reward Your Employees and Boost Your Business Success




Reward is an essential component of any successful business. Reward is anything that an employee receives in return for their work or contribution to the organization. Reward can be classified into different types, such as intrinsic or extrinsic, financial or non-financial, performance-based or membership-based. Rewarding employees can have many positive effects on both the individual and the organizational level. Reward can increase employee motivation, engagement, retention and performance. Reward can also enhance employee satisfaction, loyalty, commitment and productivity. Reward can also improve organizational culture, reputation, image and competitiveness.




reward



However, not all rewards are created equal. Different types of rewards may have different impacts on different employees. Therefore, it is important to understand the different types of rewards and how to use them effectively to achieve the desired outcomes. In this article, we will discuss the different types of rewards and how to use them effectively. We will also provide some examples of rewards and best practices for implementing a reward system.


Intrinsic vs Extrinsic Rewards




Intrinsic rewards are those that come from within the employee. They are related to the personal satisfaction and enjoyment that the employee derives from their work. Examples of intrinsic rewards are learning new skills, achieving goals, solving problems, expressing creativity and having autonomy.


Extrinsic rewards are those that come from outside the employee. They are related to the external recognition and appreciation that the employee receives from others. Examples of extrinsic rewards are money, praise, feedback, awards, certificates and promotions.


Both intrinsic and extrinsic rewards are important for employee motivation and performance. However, they may have different effects on different employees depending on their personality, preferences and needs. Some employees may be more motivated by intrinsic rewards than extrinsic rewards or vice versa. Therefore, it is important to know your employees well and tailor your reward system accordingly.


How to use intrinsic and extrinsic rewards effectively





  • Provide a variety of intrinsic and extrinsic rewards to suit different employees' needs and preferences.



  • Balance intrinsic and extrinsic rewards to avoid over-reliance on one type or diminishing the value of the other type.



  • Link intrinsic and extrinsic rewards to meaningful goals and outcomes that align with the employee's values and interests.



  • Ensure that intrinsic and extrinsic rewards are consistent, timely and specific.



  • Encourage employee participation and input in designing and implementing the reward system.



Financial vs Non-Financial Rewards




Financial rewards are those that enhance the employee's financial well-being. They are related to the monetary compensation that the employee receives for their work. Examples of financial rewards are salary, bonuses, stock options, profit-sharing plans and pension schemes.