Question

Define the extrinsic and intrinsic rewards of work. How do most people's perspective on the extrinsic and intrinsic rewards of employment change with age and maturity? Are you more interested in extrinsic or intrinsic rewards at this point in your life as a college student?

Answer 1

Extrinsic and intrinsic rewards:They are called “extrinsic” because they are external to the work itself and other people control their size and whether or not they are granted. In contrast, intrinsic rewards are psychological rewards that employees get from doing meaningful work and performing it well.

Workers from different age groups have been found to be motivated by different extrinsic and intrinsic factors, but findings in this area have been inconsistent. Certain cultural characteristics, including individualism, low power distance, a strong state benefits system and overall economic wealth, have been linking to high intrinsic motivation across age groups. In the light of the above, it was hypothesized that (1) workers would report being motivated significantly more by intrinsic factors than by extrinsic factors, and (2) age is not correlated to intrinsic motivation and negatively correlated to extrinsic motivation. A cross-sectional within groups study design supported both hypotheses. These results have implications for job design, training, and reward and incentive systems, especially with the changes in the demographics of the workforce caused by a higher proportion of older workers.

As a college student i am more towards intrinsic motivation because Intrinsic motivation does a great job at fostering creativity and problem solving skills, because people are not working for a reward. They are just doing the task for personal enjoyment, learning and collaboration