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Intrinsic rewards actually fulfills employee’s intrinsic factors or motivators and thus motivates him. Examples include; giving challenging task, involving in decision making process, giving a higher rank in hierarchy etc all these rewards do not required to have increased salary as well and employee may be working at higher management rank without an increase in the salary and still more motivated.
Extrinsic rewards actually fulfills employees extrinsic factors or hygiene factors and thus do not let him start thinking about leaving the company. Examples include; pay rise, bonuses, paid leaves, annual recreational plans etc.
insrtinsic reward : the personal satisfacation you feel when you perform well and achieve goals .
extrinsic reward : A reward given to an employee , such as promotion or pay raise .
