In today’s competitive labor market, attracting and retaining top talent is a major concern for business leaders. It is widely recognized that talented and motivated employees bring not only their competencies but also their passion to work. Therefore, it is essential to offer attractive rewards for their contributions.

Traditionally, “rewards” simply meant pay and financial compensation, but the contemporary concept of total rewards goes beyond just financial benefits. Focusing on human psychology and what motivates people, we realize that intrinsic factors are just as important, if not more so, than extrinsic ones.

What are intrinsic rewards?

Intrinsic rewards center around how employees feel in their workplace: their emotional connection with peers and leaders, their growth trajectory, whether they feel invested and empowered, and, above all, whether they feel like they belong in their organization. While intrinsic rewards might be challenging to implement, they are critical and viable for businesses in the long term, as they help to establish a culture and a sense of purpose that goes beyond the financial aspects of work.

Some proven examples of great intrinsic rewards include:

Creating trusted and healthy relationships

When employees feel valued and trust their leaders, it has a positive impact on their engagement and commitment to the organization. Managers can establish trust by being transparent, approachable, and empathetic towards employees, and by providing them with the necessary support and mentorship whenever required. This helps to foster a sense of mutual respect and creates an environment of trust between employees and their leaders.

Offering quality work leading to personal and professional growth

Engaging employees in critical projects not only demonstrate their value and importance but also ignites their motivation to make a meaningful contribution. These projects serve as an opportunity for employees to refine their skills and expertise, propelling their personal and professional growth to new heights. By challenging themselves and actively participating in such projects, employees not only enhance their capabilities but also contribute to the overall success of the organization.

Providing career developmental opportunities

Investing in employees’ learning and development has a great impact on employee motivation. It also prepares them for the future, improves performance outcomes, and creates a strong emotional bond between employees and their organization.

‍‍Autonomy with empowerment

In today’s era, employees want to feel empowered to make decisions and take ownership of their work. Leaders can foster trust and commitment by allowing employees to do their job and offering support when needed.

Giving the choice of flexibility

Employees value the ability to choose how they work. Allowing flexibility helps them balance their work and their personal lives, which leads to higher engagement and energy levels.

To successfully implement intrinsic rewards, organizations should take the following steps:

1. Study engagement data and create action plans.

2. Amplify reward mechanisms that drive effective behaviors.

3. Communicate the purpose and impact of the rewards strategy clearly.

4. Measure the success of the rewards strategy regularly and collect feedback.

5. Continuously evaluate and improve the strategy to meet the organization’s evolving needs.

Conclusion

In conclusion, just as great athletes and artists strive for excellence and take pride in their skills, organizations must emphasize intrinsic motivation to attract and retain top talent. By creating a work environment that values and nurtures employees’ emotional connection and sense of purpose, companies can achieve higher retention and productivity!

About Perks.Tech

Perks.tech is an all-in-one employee perks platform built to make work more rewarding for your employees. Find new possibilities to provide easy access to financial, wellness, insurance benefits, perks, and much more.