Intrinsic Benefits Outweigh Extrinsic Benefits for Employees

03 April 2024 Victoria Butt

Intrinsic Benefits

Why Intrinsic Benefits Outweigh Extrinsic Benefits for Employees


Intrinsic benefits fuel your own fire, driving long-term motivation and personal growth. Employees are shifting their focus and attention towards intrinsic benefits, whilst salary and other financial goods are important this suggests the importance of employers dedicating resources towards intrinsic benefits.

As a financial services recruiter, we spend a lot of time talking to talented professionals about their career goals. Salary and benefits are obviously important factors, but what we are increasingly seeing is a shift in focus towards intrinsic benefits.

Whilst a competitive compensation package is still crucial, today's top talent are looking for more. They want to feel engaged, challenged, and valued in their roles. This is where intrinsic benefits come in.

What are Intrinsic Benefits?

Intrinsic benefits are the non-monetary rewards employees get from their work itself, the benefits can include:

  • Mentoring: Gain valuable guidance and share your expertise to help others grow.

  • Professional Development: Continuously learn and refine your skills to stay ahead of the curve.

  • Philanthropic initiatives: Give back to your community and make a positive social impact.

  • Working Groups and Committees: Collaborate with colleagues and contribute to shaping the company's direction.

  • Health and Wellbeing: Prioritise your physical and mental well-being with comprehensive programs.

  • ESG: Work for a company that prioritises environmental, social, and governance factors.

  • Meaningful Work: Feel a sense of purpose by contributing to something bigger than yourself.

  • Goal Setting: Challenge yourself and track your progress towards achieving your aspirations.

  • Performance Recognition: Receive appreciation for your hard work and accomplishments.

  • Loyalty Recognition: Be rewarded for your dedication and long-term commitment to the company.

Intrinsic benefits are further explored in our EVP paper.

What are Extrinsic Benefits?

Extrinsic benefits are the monetary rewards employees receive from an employer, these benefits are often financial or measurable in nature. Examples include:

  • Salary and Bonus: Competitive base salary and performance-based bonuses aligned to Australian market rates.

  • Superannuation: Employer contributions to your superannuation fund as mandated by the law.

  • Paid Leave: Generous annual leave, sick leave, and personal leave allowances.

  • Salary Sacrifice: Salary packaging options to reduce taxable income by channelling funds into pre-tax benefits like health insurance, gym memberships or parking.

  • Parental leave: Paid maternity leave and/or paternity leave exceeding the government minimum.

  • Private Health Insurance Rebates: Company contribution to offset the cost of private health insurance.

  • Travel Allowances: Reimbursement for business travel expenses.

  • Discounted Professional Certifications: Company support for obtaining industry qualifications.


Why Intrinsic Benefits Matter More

Studies have shown that intrinsic benefits lead to higher levels of employee satisfaction, motivation, and engagement. Employees who feel passionate about their work are more likely to go the extra mile, be innovative, and stay with their company for the long haul. This translates into a more productive and successful workforce for financial services firms.

Finding the Right Fit

Top talent desire more than just a pay check. Here's how your business can leverage intrinsic benefits to attract and retain these high performers!

  • Clearly communicate your company culture: Showcase your values and mission, and how employees contribute to the bigger picture.

  • Offer opportunities for growth and development: Invest in training programs, mentorship opportunities, and career development paths.

  • Promote a healthy work-life balance: Offer flexible work arrangements, wellness programs, and recognition for achieving a healthy balance.

  • Empower your employees: Give them ownership of their work and the opportunity to make a difference.


The Big Picture

In today's competitive landscape, financial services firms can't afford to rely solely on extrinsic benefits to attract and retain top talent. By focusing on intrinsic benefits, you can create a work environment that fosters engagement, motivation, and long-term success for both your employees and your company.


For a confidential discussion, feel free to reach out to Victoria Butt on +61 402 418 326 or

We conducted extensive research on EVP, get our full “Future of EVP” report here