Intrinsic values are crucial for motivation and engagement. Challenge, learning, and responsibility are important because they bring emotional rewards; family relationships and friendships also influence decisions about integrating and maintaining work-life balance and flexibility. Extrinsic values are those received in exchange for effort: the higher earnings of a c-suite role, alongside pension, benefits, and recognition.
If there is a mismatch between someone’s intrinsic and extrinsic values, and the demands of their role, they will feel internal conflict. This could lead to them changing role, even if their skills and experience are closely matched to the opportunity.
Businesses talk about values such as honesty, integrity, commitment and putting their customers first. They often promote volunteering opportunities, donate profits to social causes, and raise money for charity. But if these values are just written and not role-modelled, then aspiring leaders will leave.
Just like intrinsic and extrinsic values, business ethics and values will heavily influence recruitment and retention. If there is a match between what’s said, and what’s experienced, it will be easier to keep the right people.
