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How to extrinsically motivate people?│Doug Jin Chung (Harvard University)
Economic/Financial 2022-02-22

 

In this day and age of highly sophisticated technology, which includes AI and machine-learning, we commonly rely on computers and data to seek customers, evaluate employees and automate processes. Yet, still human beings are at the front and center of an organization’s day-to-day activities, whether it be from generating sales for for-profit companies or soliciting people’s votes for political organizations. In addition, people are responsible for developing an organizations’ strategy and future vision. Thus, the key question still remains as to how organizations can effectively motivate their employees. Largely, there are two types of motivation—intrinsic and extrinsic. While an organization benefits from activating employee’s intrinsic motivation, typically it takes a long time to develop and in some cases practically infeasible. Thus, many organizations use management systems to increase people’s extrinsic motivation—that affects behavior due to external rewards. This session goes through recent findings in ways to better motivate people using external rewards via variable compensation. It also covers the potential negative effects of using a variable-compensation-management system. Understanding the appropriate use of extrinsic motivation can help organizations align employees’ interest with their own and, thus, benefit both parties alike. #motivate, #reward, #organization ☆ WKF | http://www.wkforum.org/WKF/2021/kr/ ☆ Facebook | https://www.facebook.com/WorldKnowledgeForum/ ☆ Instagram | https://www.instagram.com/worldknowledgeforum/ ☆ Youtube│https://www.youtube.com/wkforum

 

 

 

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