1.The value (“valence”) the employee attaches to a desired result (e.g. , higher pay)
2. The person’s belief that rewards actually will be provided as a consequence of high performance (“instrumentality”)
3. The belief (“expectancy”) that the individual can accomplish the task that will lead to reward
Stated differently, the theory assumes that people take action based on their perception of the possible success of that action (expectancy) and the likelihood of achieving outcome (instrumentality) that they value (valence).