We challenge the assumption that satisfaction with rewards has the same effect on the behaviour and attitudes of every employee, and hypothesise that there are individual differences in the effects of (satisfaction with) financial, material and psychological rewards on turnover intentions and task performance. Survey data from 179 employees are combined with supervisor‐rated task performance data and analysed with cluster‐wise regression analysis. As for task performance, no employee types or individual differences were found. However, we identified three different employee types revealing a unique relationship pattern between satisfaction with financial, material and psychological rewards and turnover intentions. These employee types also differed in socio‐demographic characteristics and work values. Our findings illustrate that to be able to fully understand the underlying relationship between rewards and employee outcomes, scholars need to adopt an individual difference perspective and methodology. Implications for practice, limitations and opportunities for future studies are discussed.