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QUIZ 1 – 5 th February 2024 (TOTAL 10 marks) A. Explain the difference between “extrinsic” and “intrinsic” rewards. Provide examples for each type of reward. Answer - Employee compensation motivators include extrinsic and intrinsic rewards. Extrinsic incentives are outward, material benefits given by an employer. These encompass pay, bonuses, and advantages. Example -A year-end bonus, or, for instance, health care coverage, is an example of an extrinsic reward that employee behavior is motivated by the benefit of something material and external. In contrast to extrinsic rewards, however, intrinsic rewards are inner, indefinable motivators stemming from the essence of the work itself. There are, for Example - a sense of pride, job satisfaction, end sort). When an employee either personally enjoys solving difficult puzzles or does a job well and deserves appreciation for that, intrinsic rewards can be gained and reward themself to motivate and make them happy. To motivate and satisfy employees, extrinsic rewards are external and tangible while intrinsic rewards are internal and intangible, all equally important. B. Explain the difference between a “reward strategy” and a “compensation strategy.” Answer – Reward strategy and compensation strategy are related concepts but are equally distinguished due to the focus within the employee management broader area. A compensation strategy mostly involves financial dimensions of employee pay. It is the set of decisions about salaries, bonuses, and benefits of employees to attract, retain, and motivate employees applicants and those already engaged. For instance - a compensation plan may be structured with competitive salaries or performance bonuses. As recognition strategy will involve more elements-both monetary ones, and otherwise- than a reward strategy. It encompasses such factors as rewards, competence, career growth, work-life relationships, and many other benefits. For Example - a response strategy may focus on employee rewards such as designing employee appreciation programs, work hours flexibility or opportunities for skills competence. Though a compensation strategy addresses only financial issues, a reward strategy focuses on the totality of things including other factors other than monetary issues which have a bearing on employee satisfaction and engagement.

1. There is no one best compensation system that fits all firms. A True B False 2. An effective compensation system is important to most organizations because it can mean the difference between company success and failure. A True B False 3. The main similarity between extrinsic rewards and intrinsic rewards is that they both satisfy so-called higher order needs such as survival and security. A True B False 4. A reward strategy is the plan for the mix of rewards to be provided to organization members along with the means through which they will be provided. A True B False 5. Compensation strategy includes the “how” and “how much” in terms of compensation to be paid. A True B False 6. The main difference between a reward system and a compensation system is that a reward system rewards only good performance while a compensation system provides pay to all employees. A True B False

7. A compensation system has two components: base pay and performance pay. A True B False 8. The optimal compensation system is one that adds the most value to the organization, after considering all its costs. A True B False 9. There is often one so-called best compensation system that applies to a broad spectrum of organizations. A True B False 10. Compensation means different things to different stakeholders. For shareholders, what is an important consideration? A take-home pay of employees B effectiveness of the compensation system in attracting employees C financial value of the compensation system to the firm’s bottom line D fairness of the compensation system 11. As a small business owner committed to the total rewards approach to compensation, what do you need to establish before you start to develop your compensation system? A a reward system B an incentive program C a compensation strategy D a reward strategy

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12. Which item is considered part of a compensation system? A performance pay B flexible work schedules C positive organizational culture D work/life programs 13. Which of the following best describes the term “reward strategy”? A The means through which performance bonuses are paid B the mix of rewards provided to organization members C the means for recognizing outstanding achievement D the means for identifying the key contextual variables for an organization 14. An owner of an enterprise asks you to describe the major components of a compensation system. What would you exclude from your description? A base salary B performance pay C employee benefits D flexible work schedules and some element of job autonomy 15. Which of the following best explains intrinsic rewards? A Intrinsic rewards focus on increasing an employee’s financial position. B Intrinsic rewards are provided by job content. C Intrinsic rewards provide security and employee services. D Intrinsic rewards relate to bonuses based on performance. 16. The compensation system typically refers to which aspect of the reward system? A the mix of intrinsic and extrinsic rewards B the economic or monetary part C the entire spectrum of rewards

D incentives 17. You have offered your sales associate an all-expenses-paid trip for two to Australia if she doubles her annual sales volume from last year. What type of inducement are you offering? A intrinsic reward B extrinsic reward C incentive D job enrichment 18. Which of the following would be an example of an extrinsic reward? A interesting and meaningful work B pay for performance based on the number of units produced per hour C being able to see the company’s product being used by a satisfied customer D work that allows for enhanced personal development 19. According to Maslow’s theory, what is the most basic need? A safety needs B self-actualization needs C respect and self-esteem needs D physiological needs 20. Which statement best describes the key aspect of Maslow’s theory of needs? A Extrinsic rewards are more important than intrinsic rewards. B Intrinsic rewards are more important than extrinsic rewards. C Humans tend to first satisfy their basic needs before higher order needs. D Self-esteem needs are more closely tied to rewards than the other needs.20.

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