First let us understand the difference between intrinsic and extrinsic motivation.
Extrinsic motivation occurs when an employee motivated by external forces to get any award, or perform any behavior etc. And intrinsic motivation occurs when an individual in motivated by internal factors.
I work in a retail store which has more than 250 stores in all over the country. The company uses extrinsic approach of motivation. In a store there are 5 management designations. 1 for Store manager, 1 for assistant store managers and 2 department managers.
For Department Managers Role Company hires fresh graduates. Just because students have unused high potential. They train them and give a target that in quarterly performance management system if you get 2 good quality rating then you will be promoted as assistant store manager. Other companies ask for 4-5 years of experience for assistant store manager but my organization need to ‘exceed expectation’ rating in a year. N employee is given exceed expectation when he/she completes the target more than 100%, shrinkage goes down, he/she has promoted any team member etc.
To get that rating students work very hard and remain motivated. The companies enjoy productivity from them
For assistant store manager and store managers the company gives handsome salary, more than the current market. This applies for assistant store managers as well. 2 quality rating in a year and get the promotion. The quality assessment is done in ach three months.
Company has seen huge growth by adopting this strategy. The management team gives their best in order to get promotions.
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