Intrinsic Motivation at the New West Institute
The New West Institute for Entrepreneurship offers a training program that helps entrepreneurs develop a set of core values and skills. The program looks closely at the needs of entrepreneurs in today’s business climate. As one of the leading entrepreneurial educational facilities in the country, it focuses on the core issues of business leadership, problem-solving, and business strategy.
Entrepreneurs from all backgrounds seek the mentoring and expertise offered by the New West Institute. For example, the New West Institute develops its training on executive transitions around four key rewards, defining what is most meaningful to the executives on their new role, what new skills they must develop, what personal motivators they must bring to the job, and how they will identify ongoing progress. This intrinsic motivation training is grounded in cognitive behavior therapy, which is an effective way to enhance overall mental health. This includes learning how to deal with change and problem-solving strategies proven to increase productivity and minimize workplace stress.
In addition, the New West Institute has developed a series of workshops and seminars to help employees explore the many types of extrinsic rewards. These can include cash incentives, recognition awards, bonuses, high-stress assignments, recognition badges, travel benefits, and the like. Although many workers appreciate these rewards, it is important to ask whether they are essential or serve as enough of a reward for productivity to make up for the other aspects of organizational culture that discourage creativity and innovation. Furthermore, when the intrinsic rewards for being a good entrepreneur become over-emphasized, workers can become depressed and lose the drive and ambition needed to succeed. On the other hand, too few extrinsic rewards may result in workers focusing more on avoiding risk and missing out on real opportunities for learning and growth. An important part of any training program should consider both the need for extrinsic rewards and the potential psychological effects.
Employees can receive four intrinsic rewards from the New West Institute for doing well at their jobs. The first is the Recognition Award. To be eligible for this reward, employees must complete an important project during the month they receive it. Honorable projects may include those that help a company improve customer service, raise its stock price, increase its diversity, or improve other important areas. Employees may also be eligible for this reward if they are recognized for being top employees.
The second is the Self-Management Plan reward level. At this level, employees have the opportunity to take action to enhance their personal development. These could include receiving professional counseling, enrolling in classes on leadership, developing career goals, and setting career goals. The Self-Management Plan is meant to inspire workers to use their initiative to improve their lives outside of work.
The third intrinsic reward level is Mentorship. At this level, workers have the opportunity to engage in a one-on-one conversation with a current or former employee. During this conversation, they will learn about their accomplishments and ask for advice. This can be an extremely motivational encounter. When asking for advice, it’s important to listen carefully to the suggestions and think about the best solution.
The fourth intrinsic reward is the opportunity to participate in research findings. When participating in the research, workers will be allowed to share their ideas and see how the research is developing. It may seem unimportant to some, but the New West Institute strongly believes that workers that participate in this research development process are more likely to be encouraged to do well in their jobs. Employees may feel uncertain at first about participating in the research, but as the weeks go on, they will likely feel more comfortable and ready to get to work.
The fifth and final intrinsic motivation level is Recognition. In addition to being offered various training opportunities, workers are also provided with an internal employee recognition plaque. Every quarter, a new plaque will be added to the wall. When a worker has completed all of their objectives within a specific time period, they may be allowed to remove their plaque for a special recognition award.