In project management, intrinsic motivation means when your team members are motivated from within, and not by external factors.
In other words, you don't have to give your team members extra money (bonus, salary increases, etc...) or promise them extra perks to get them motivated.
So, the question is, how do you get your team members to be intrinsically motivated? It's not that hard, here's what you should do:
- Show them that you are a leader: Team members love working for someone who proves to be a leader. They would love finishing their tasks just to make him proud of them!
- Give them challenging tasks: Challenge your team members, don't always give them stupid tasks, give them challenging tasks that would require them to think and analyze.
- Don't micromanage your team members: Micro-managing is a big no-no, tell your team members what their tasks are but don't tell them how they should do them. Let them figure out the right and optimal way to do their tasks.
In my opinion, intrinsic motivation is much better than extrinsic motivation as it's genuine and (typically) everlasting.