Decenzo and Robbins 2007 in Chapter 11 discuss three classifications of rewards They are intrinsic versus extrinsic rewards financial versus nonfinancial rewards and performance based versus membership based rewards What are the strengths and weaknesses associated with each type of reward Which type of reward is most successful in the business environment and why Reference Decenzo D A Robbins S P 2007 Fundamentals of human resource management 9th ed Hoboken New Jersey John Wiley Sons Inc The answer to the question is a difficult one but the first comparison is intrinsic versus extrinsic is that the strengths in intrinsic are that the employee takes pride in his or her job performance and with extrinsic the benefits are provided by the employer such as money and benefits far as performance based versus membership rewards is that performance base uses bonuses or merit pay for employees which would be a strength and that with membership based a certain individual or group is recognition and last financial rewards are based on strengths far as retirement plans paid vacations and sick leave when as it non financial interprets that an individual desires to have reconization such as impressive titles assigned parking spaces and preferred lunches I think the most successful in the business environment is intrinsic because there is more job freedom more responsibility more opportunity for advancement and diversity which makes for longevity on the job and good job performance when employees are happy which means good profits Response 2 Rewards in some shape form or fashion are expected after any job is completed or if energy is exerted Even children in the midst of potty training expect a reward claps celebration and congratulatory words after every successful trip to the bathroom Employees are not any different In the workplace there are different categories of rewards Intrinsic rewards are those that are taken from the job itself This usually show s up in an employees pride in their work and knowing that they did a good job The employee finds meaning in the job itself Extrinsic rewards are the opposite and come in the form of money promotions and benefits These rewards come from outside of the employee Financial rewards are those which involve money wages bonuses and profit sharing Non financial rewards can be tricky as what is precious to one employee may not resonate with another Non financial rewards are the perks office furniture lunch times flex schedules corner office etc As mentioned before the appreciation of non financial rewards will depend on the status conscious nature of the individual employee Performance based rewards use commissions group bonuses and other forms of payment for performance Membership based rewards conversely are given because of cost of living increases the attainment of a higher degree or specific certification or seniority These rewards are given regardless of the actual performance but because of the group they are in To be equitable and to be most successful a combination of the rewards should be used That way individuals will be rewarded because of their effort and the group they belong to and the rewards can be monetary or not