As a manager, if you believe that your people are primarily motivated by money, you are at risk of not only having a costly workforce, but also one that is not passionate about the work they do.
Workers with little passion in what they do will demotivate colleagues and impact your brand.
Understanding the difference between extrinsic and intrinsic rewards is key to igniting passion in your team.
Extrinsic motivators are those that come to you externally. For example, a bonus, a pay rise or a promotion, or some kind of external reward would be an extrinsic motivator.
Intrinsic motivators are internal, such as seeing what you do is stimulating, interesting, challenging, rewarding and meaningful.
There are many ways to satisfy the range of peoples needs and carefully considering a mix of intrinsic and extrinsic rewards that is right for your team will along way to lighting the passion in your team and building engagement, and doesn’t have to cost the earth.
