HRA 562 Discussion Week 1
Describe how a compensation strategy can be designed to support organizational goals by providing intrinsic and extrinsic rewards for job performance. Describe, compare, and contrast the two dimensions of extrinsic compensation (monetary and non-monetary rewards), and describe other factors that influence rates of pay for similar work in different.
Solution
A compensation strategy helps companies reach their goals by offering rewards that motivate employees. These rewards are divided into two types: intrinsic and extrinsic.
Intrinsic and Extrinsic Compensation:
Intrinsic compensation is about how good employees feel about their work. For example, healthcare workers may feel proud knowing their work helps others (Martocchio, 2020). This feeling makes them more motivated to do a great job.
Extrinsic compensation includes two kinds of rewards… Please click on the Icon below to purchase the full answer at only $10
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