The Motivation of Money
Many people believe that they are motivated by earning money, but this
is not always completely true as there are many other factors such as
the conditions of the workplace and the need to be appreciated. There
are many arguments that are both for and against money being the key
motivator in the workplace.
Some argue that being paid a good salary is important in attracting
employees to a job and helps to keep them in the job. Although this
money can become less of a motivator once the employee has been
working for a time and the pay has become routine and expected.
Although money may not be the only motivator in the workplace, it is
the basis for the attitudes and behaviours of employees. If an
employee feels they are being well paid and rewarded financially for
their hard work and any extra effort, then they will be more likely to
work hard and strive to gain these financial rewards. However if an
employee is unhappy with the money that they are receiving for their
work then it will be very difficult for them to be motivated in their
One other view that supports money being a key motivator is that
people feel that they are highly valued if they are receiving a decent
salary. The higher their salary the more valued they feel within the
organisation and so the more likely they are to work hard in their job
and be motivated in their work.
Cash awards can be a very effective way of motivating employees to
meet targets and excel in their work. McGregor's theory of the reasons
why people work shows that using these sorts of 'carrot' methods of
motivating employees are often successful with the Theory X type
workers who are only motivated by money and do not seek responsibility
or enjoy work. However cash awards are less of a motivator for the
Theory Y worker who can enjoy work and have many different needs,
which motivate them to work not just money such as seeking
responsibility or having a meaningful interest in the work.
Herzberg's two-factor theory splits factors people work into two
groups, Hygiene factors and Motivators. Hygiene...