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1. Discuss the generational differences of motivating employees through the use of intrinsic and extrinsic rewards.

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1. Generational differences are crucial in influencing how employees are motivated by intrinsic and extrinsic rewards. To motivate employees, the manager needs to understand the characteristic of the 5 generational cohorts and how employees can be motivated, to positively impact performance, through intrinsic and extrinsic rewards. Intrinsic rewards encompass feelings of joy, personal development, and a sense of accomplishment. Extrinsic rewards are external incentives, such as salary raises, promotions, and acknowledgments.

The generational differences fall under, Traditionalists (1928 – 1945), Baby Boomers (1946 – 1964), Generation X  (1965 – 1980), Generation Y – Millennials  (1981 – 1996), and Generation Z (1997 -2012). Baby Boomers tend to place a higher value on extrinsic rewards than intrinsic ones. They prioritize job security, promotions, and monetary incentives. Generation X employees also appreciate extrinsic rewards like pay, bonuses, and promotions but also are motivated by balancing work and their personal life. Offering them flexible scheduling and personal growth can be powerful motivators. Gen Y, the Millennials seek a combination of intrinsic and extrinsic rewards. They value meaningful tasks, opportunities for career advancement, and a collaborative environment. They are motivated when provided with a sense of purpose, feedback, and a chance to enhance their skills. Generation Z employees are predominately driven by intrinsic rewards. They look for chances to learn, engage in meaningful work, and be part of the workplace atmosphere. They like to be acknowledged for their achievements and given flexibility with their schedules. 

While these general trends of generational differences allow managers insight into creating an environment for their team, individual preferences in a generation can differ from the whole. Employers should take a blended approach to motivation and incorporate both intrinsic and extrinsic bonuses in order to create a well-rounded strategy that can resonate with workers from different generations within the organization. 

2. Currently, there are five different generations in the workforce. These, although very different, have similar ways in which they could be motivated either using intrinsic or extrinsic rewards. The way I understood it, traditionalists, those born 1928-45, place more importance on the respect they are given they believe in the importance of communication and positive outcomes. Baby Boomers, those born 1946-64, desire to be in a position of authority, and having their expertise valued, acknowledged, and recognized. Generation X, those born 1965-79, favor being recognized from the boss, value gift cards, bonuses, experiential rewards, and flexible schedules. Generation Y (also known as the Millennial generation), those born 1980-95, are motivated by skills training, mentoring, feedback, and the workplace culture and prefer to communicate through the use company chat or social networks. However, they are still motivated through extrinsic rewards as stated in a study done to 370 individuals using the Work Preference Inventory. “Articles have claimed that members of GenY were more concerned with rewards, recognition, and status when compared to previous generations.” San Jose State University (Shea, 2012) Finally, Generation Z motivated by meaningful work and being given responsibility. “Gen Z will challenge businesses to think about their operational model. This also is the most tech-savvy of the generations.” (Gurchiek, 2016) They want to know how their work impacts the organization and their role in the organization’s big picture. “While it may seem like extrinsic motivation does not have as much of a place in an organization as intrinsic motivation, the ability to strike a balance between both is a fine art and may result in surprisingly positive outcomes for workers.”(Singh, 2016) Therefore, in my opinion, we can see that both forms of motivational tactics are equally important and together can contribute a lot to society.