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Impact of Extrinsic Rewards on Employeesâ Performance
Rewards can be classified as intrinsic rewards and extrinsic rewards. Intrinsic rewards are that which are inbuilt in the job itself as a result of successfully completing the task or attaining his goals. Extrinsic rewards are those that are external to the task of the job, such as pay, work condition, fringe benefits, security, promotion, contract of service, the work environment and conditions of work. Such tangible rewards are often determined at the organizational level, and may be largely outside the control of individual managers [2]. Hellriegel expressed extrinsic reward as result of performance in the form of salary, status, fringe benefits and job security. Extrinsic rewards include things such as pay, job security, fringe benefits, promotions and working conditions. Other things included in it are competitive salaries, increment in pay, bonuses, and such indirect forms of payment.
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