There are 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?

Extrinsic Rewards are tangible rewards given employees by managers such as pay raises, bonuses and benefits. Called extrinsic because they are external to the work itself [ CITATION HRM19 \l 1033 ]. Advantages of extrinsic rewards are employee motivation even when they are not interested, allows employee to set goals, and provides the individual a means to an end [ CITATION Cry16 \l 1033 ]. The largest disadvantage to extrinsic rewards is that they...