The sense of satisfaction you get when you achieve an important goal is an intrinsic reward.

“Intrinsic rewards and motivation comes from within you and is powered by your own dreams, aspirations, wants, and wishes.”

The intrinsic rewards are internally based and are, therefore, sometimes also referred to as internal rewards. They are opposite of their externally based counterpart, the extrinsic rewards.

An example of internal rewards could be inner satisfaction after accomplishing a difficult task. On the contrary, an external-based reward involves a tangible reward.

It is important to learn about a concept that pertains to internal rewards, which is intrinsic motivation. It is a behavior that one displays due to internally based rewards.

Intrinsic motivation resides inside an individual. So, when you have intrinsic motivation for an endeavor, you get satisfaction from performing it. Also, there is no external reward associated with internal motivation.

In comparison to extrinsic motivation, intrinsic motivation stays with an individual for a more extended period. 

The simplest example of a reward associated with internal motivation is a sense of pride. Thus, such rewards are intangible and non-monetary.

This article discusses the advantages and disadvantages of rewards for its readers as follows:

What are the intrinsic and extrinsic rewards?

The difference between the two terms is that intrinsic refers to something internal, while extrinsic refers to something external.

An intrinsic reward is essentially an intangible form of reward. 

So, its example could be an inner feeling of satisfaction and achievement. It also implies that such rewards that one receives are internal and self-earned and not provided by an entity outside of an individual.

The extrinsic rewards are tangible and physical. Such rewards carry much more significance in the real world than internally based rewards. Also, external rewards are given from an outside entity to recognize some achievement.

What does intrinsic reward mean?

An example of intrinsic motivation is when an individual learns French because it appeals to them and not for any economic reason whatsoever.

An intrinsic reward is a psychological feeling. Hence, workplace intrinsic motivation examples include recognition, inspiration, a joy to work, etc.

In addition to this, the  rewards of teaching include a feeling of positivity, constructiveness, a greater good, etc.

Examples of intrinsic rewards

Internal rewards can mean different things for different individuals. However, some of the most common examples of such rewards are:

• If an employee puts in extra effort in their work to not earn any credit or reward but an inner appraisal, then it could be one example of internal rewards.
• When an individual helps someone, it leads them to a good inner feeling if the act is based on empathy and not for others to know. And this could be one of the examples of rewards.
• Some other examples of rewards may include self-accomplishment, enjoying one’s work, etc.

Read More: 5 Intrinsic vs. Extrinsic Rewards to Improve Employee Engagement

Advantages

Rewards lead to several benefits. And some of them are below:

Persistence

One of the primary internal rewards of having an internal motivation is persistence.

Individuals with internal motivation are much more likely to be persistent in their actions than those who get inspiration from external rewards. 

It is because performing such an action entails joy and self-satisfaction. Thus, continuously performing them is no surprise.

Engagement

A task that involves rewards will engage its performer more towards it.

When we perform a task that makes us happier from the inside, we tend to repeat that on a regular interval, resulting in persistence.

And it also leads us to become more engaged with the task, which gives us a sense of joy.

Efficiency in learning

Learning a new skill requires a fair amount of internal and external motivation.

Nevertheless, learning a skill that entails rewards may make us learn a new skill efficiently and quickly. 

So, retaining the knowledge from a new skill may become more likely with internal rewards than external ones.

Higher levels of performance

It should be no surprise that intrinsic motivation and rewards lead to elevated performance levels.

When we have an intrinsic motivation for an assignment, we put in more effort than any other task. It results in high-quality work, resulting from an intrinsic drive for it.

Loyalty and dedication

In an organization where employees receive rewards from doing their job, they may become more loyal than the employees with no such rewards or motivation.

Such employees are also likely to work longer for the company and work with greater dedication.

Disadvantages

There are no considerable drawbacks of such motivation or rewards that are internally based.

However, while it can significantly self-sustain, it still has a few shortcomings. And some of its disadvantages are below:

• Rewards may lead an individual to ignore the standards of safety. Thus, a person may work insanely towards something they are passionate about.
• Such rewards give a person an internal sense of satisfaction and accomplishment at every step. However, this self-induced euphoria does not help in clearly defining the end goal and result, which is generally an extrinsic reward.
• More often than not, an individual with intrinsic motivation works to achieve rewards. But working solely to earn internal rewards may not be ideal in the practical and real world, where monetary rewards carry their importance.

Bottomline

Intrinsic rewards are exciting human psychological phenomena.

Every human has an internal motivation for earning intrinsic rewards. And while some may consider it not as worthwhile, achieving an external endeavor first requires an individual to have an internal drive for internal rewards.

As for organizations, there is no substitute for internally motivated employees. It is so because the work of such employees is driven from the inside and not by an outside reward or motivation.

Nevertheless, providing your intrinsically motivated employees with extrinsic rewards can further their loyalty to the organization. 

And so, you can make use of Bravo, which is extremely helpful in motivating employees (externally as well) by helping you reward and recognize them effectively.

Book an entirely free demo of Bravo to practically understand its efficiency in this regard.

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