(Solution) CIPD 5HR03 contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisational performance. (AC 1.5)
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Solution
| Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisational performance. (AC 1.5)
Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section.Word count: Approximately 250 words
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| Extrinsic Rewards
Salary, promotions, and bonuses are examples of extrinsic rewards because they are obtained as a result of a work or performance (Malek et al., 2020). These tangible rewards support employees by assisting them in addressing their physiological demands and motivating them. Workers are mainly concerned with cash as a kind of encouragement for their efforts when we speak of extrinsic rewards. They have a significant role in the daily lives and living conditions of employees. According to the Maslow hierarchy of needs hypothesis, employees need better income in order to cover their fundamental needs, which include food, housing, clothing, and water. According to Cote (2019), employees will be driven to meet organizational goals and objectives if they are offered higher salaries and bonuses. Profitability and revenue may rise as a result. Extrinsic incentives, however, have a limited impact on organizational performance. Employee performance may be negatively impacted by a salary reduction or the removal of bonuses. Intrinsic Rewards Internally generated intrinsic rewards are typically long-lasting. They are more closely related to how an employee feels after receiving praise for a job well done than they are with monetary value (Manzoor et al, 2019). They support workers’ pleasant feelings, motivation, and feelings of accomplishment. Additionally, they contribute favorably to an employee’s progress toward self-actualization. They are crucial to sustaining sustained organizational performance. When an employee successfully completes a task and feels satisfied, they will keep working hard to experience the same emotions and sensations in the future. Employees that are motivated by intrinsic motivation like their jobs at their companies, as revealed by McGregor Theory Y (Senarathne, 2020). The accomplishment of the organization’s mission and vision depends on this.
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| Assess the business context of the reward environment. (AC 2.1)
Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section.Word count: Approximately 400 words
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