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Define the organizational reward system and distinguish between intrinsic and extrinsic rewards. What is more important to you and why?
The organization reward system is a system that an organization may develop to boost morale amongst the employees. It may look different between organizations. The rewards received could be either intrinsic or extrinsic. Intrinsic rewards are going to be more internal feelings, not something that may be publicly known amongst the organization. Whereas, extrinsic could be known to others in the organization. This could be in the form of a meeting to honor or recognize an employee or as simple as an organizational newspaper stating the employees accomplishments.
Personally I believe an organization can reap many benefits by offering intrinsic rewards. This will allow an organization the ability to boost morale in the company without spending money. That alone offers the organization more monetary funds to offer family fun events or redirect the funds to a larger need to the organization.
At my place of employment, we give new employees a 2.5% raise at 6 months, then every year after that at 2.5% for five years. Once they reach that, we give employees a raise after 5 years of 5%. While its not on the basis of a reward system, we allow our employees the ability to have motivation to learn and understand their job.
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