This reflection paper examines intrinsic and extrinsic motivation through the lens of personal work experience in the banking industry. Drawing on Cherry's (2014) definitions and Herzberg's two-factor theory, the author explores how pay, benefits, bonuses, and recognition functioned as external motivators, while an internal drive for excellence served as intrinsic motivation. The paper argues that while money matters when scarce, recognition from peers and superiors proves to be the most powerful motivator for sustained high performance. The author also reflects on how the absence of employer-cultivated intrinsic motivation contributed to job dissatisfaction at the bank.
I once worked in the banking industry as an administrative assistant. This experience gave me a firsthand look at how different types of rewards shape workplace behavior. Motivation — both intrinsic and extrinsic — played a significant role in how I performed and how satisfied I felt on the job. Reflecting on that experience through a psychological lens has helped me better understand what truly drives me to perform at my best.
Extrinsic rewards are those external rewards that motivate behavior (Cherry, 2014). For this job, the extrinsic rewards that led me to take the position and continue in it included a pay package and a range of benefits — medical and dental coverage, for example. The pay package also included a bonus based on the operation's total sales volume. I received a percentage of sales as part of my compensation, which was designed to encourage me to contribute to the success of the organization.
Intrinsic motivation is a bit more complex. Psychologists understand intrinsic motivation as the drive to engage in a behavior for rewards one believes they will personally reap, without any external force promising those rewards — they are simply what the person expects to gain from the behavior (Cherry, 2014).
For me, this job offered only a few intrinsic rewards. I like to do a good job because it is simply in my nature to feel satisfied when I know I have done my best. I am sure there were instances where my performance exceeded what was strictly required, simply because I wanted to be better. In theory, one also works toward a potential promotion, but I found it more important to simply perform at my best because doing so made me feel good — especially when I was solving problems, which on that job happened quite frequently.
"Employer's failure to nurture intrinsic motivation"
"Money motivates only when resources are scarce"
"Peer and superior recognition drives peak performance"
"Theory applied to personal reward preferences"
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