When it comes to motivation, there are two main perspectives that have been gaining momentum over the past few decades. The first of these two points of view contends that employees are best motivated by external factors, like money and promotions, while the second argues that it’s internal factors like purpose, autonomy, and mastery that lead to the most satisfaction at work. In his 2009 book Drive, Daniel Pink suggests an alternative approach to motivation that combines elements of both theories in order to create the most effective strategy possible.
This model is likely to be used as part of;
What is Extrinsic Motivation
Extrinsic motivation is externally driven and often comes in the form of rewards or punishments. For example, if you're given a bonus at work for meeting a sales goal, that's extrinsic motivation. Or, if you're threatened with demotion if you don't meet said goal, that's also extrinsic motivation. The model posits that people have a natural tendency to pursue things they find inherently satisfying (or intrinsically motivating) without the need for external reward. That would be intrinsic motivation.
What is Intrinsic Motivation?
Intrinsic motivation is fueled by enjoyment and interest in the work itself, whereas extrinsic motivation is fueled by external factors such as money, prestige, power and social approval. This means that people who are intrinsically motivated will be more likely to do a job they find enjoyable even if they were not paid to do it while people who are extrinsically motivated would need some kind of outside encouragement like payment or recognition in order to stay interested in their job. In most cases, intrinsic motivation is at the core of project work.
The most common intrinsic motivation factors are;
- New goals,
- Having faith in your work,
- Having Accomplishments,
- Having the desire to make a difference.
- Individual development
- Being a member of a team.