MGMT4030 Class Notes - MGMT4030 Class Notes Rewards...

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MGMT4030 Class Notes Rewards Extrinsic – come from management o Raises, better benefits, etc. Intrinsic – from from within o Personal growth, achievement, etc. Reward variables o Timing o Anticipation of reward – surprise or expected o Form of reward o Administration of reward Basis of distribution – equality vs. equity Equity pay – pay based on contribution Equal pay – equality in payment practices Procedures for determining reward o Disclosure of reward – private or public Motivation Cognitive theories – how people think about rewards o Expectancy theory (Vroom, 1964) – expectation that you will get out what you put in Behavior comes from conscious choices among alternatives Valence – preference among outcomes; how attractive a reward/outcome is Instrumentality – belief that a certain level of performance will lead to the desired outcome Do I want the reward? How much effort will obtaining it require? Is it worth it? – if I work hard will I get desired outcome o Equity theory Behavior theories – how people behave when presented with rewards o Reinforcement theory o Goal setting theory Factors of motivation (definition) – effect on employee behavior o Energize o Direct o Sustain Performance = motivation x ability Dimensions of motivation o Form o Direction o Duration o Intensity
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Extrinsic Motivation Motivation driven by external forces or desire for a reward linked to performance o Work that lacks intrinsic motivation requires external pressures to attain desired levels of performance o Examples Competing in sales to win a free trip Exceeding expectations to earn approval of boss Etc. Intrinsic Motivation Motivation to perform that comes from within (achievement, growth, etc.) o Derived from underlying passion or interest o Three factors support it: Autonomy Freedom for be self-directed; not controlled Sense of competence Learning and improving a skill/competence Compelling purpose Working towards greater purpose – more than making money; believe in the work o Examples Solving a problem because you find it interesting
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