intrinsic and extrinsic rewards
Intrinsic rewards: meaning, purpose, satisfaction, affiliation
Extrinsic rewards: money, title, status, access to power
Every job includes both. I’ve been grateful to the authors of the Finding Your True North Fieldbook for years because they opened my eyes to this fact, which now seems obvious. They go further though, in prompting you to identify and stack rank these intrinsic and extrinsic rewards for yourself. How much do you care about each of these rewards relative to the others in their category?
This is useful for you to know as you make decisions about which job to chase next or how to negotiate with your current employer.
As a manager or employer, especially one in a mission-driven endeavor, it’s important to speak clearly to your people (aloud and in written policy, to the extent you have it) about which of these extrinsic rewards are available and how they are attained. De-risk talk about these with your people, who may feel guilty, unworthy, or just weird in conversations about them, especially if they are crossing lines of difference or gaps in power that matter to them to be a part of your endeavor.
Rather than judging folks who have clear and clearly stated extrinsic motivations, appreciate them. They’ve done some self-awareness work that will make them more legible and reliable in negotiations while they’re with you, and more trusting and proactive in conversations with you about when and why they might leave.
-Eric
