Individuals can often be better motivated by intrinsic rewards-by the satisfaction of doing a job well-than by extrinsic rewards {money}.
Joseph E. Stiglitz, in his book "The Price of Inequality," emphasizes the power of intrinsic rewards as a motivational tool for individuals. He argues that the fulfillment derived from performing a task effectively can often surpass the motivation received from external rewards, such as monetary compensation. This presents a shift in focus, highlighting the importance of personal satisfaction over financial incentives.
This perspective suggests that fostering environments where individuals can take pride in their work might lead to greater engagement and productivity. Stiglitz’s insights encourage organizations to consider how they can enhance intrinsic motivation to inspire employees, thereby achieving better outcomes without solely relying on financial incentives.
