Rewards: Material and psychological payoffs for
working.
Extrinsic Rewards: Payoffs granted to the individual
by other people: money, employee benefits, promotions, recognition, status
symbols, and praise
Intrinsic Rewards: Self-granted and internally
experienced payoffs: sense of accomplishment, self-esteem, and
self-actualization
Employee Compensation
— Money
is the universal extrinsic reward
— There
is no single best compensation plan
— Key
words: flexible and varied
Improving Performance with Extrinsic Rewards
— Satisfy
individual operative needs
— Foster
positive expectations
— Ensure
equitable distribution
— Reward
results
Guide to Employee Compensation Plans
Personal and Social Equity
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