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Is there anyone in this world who does not want to be rich? The first thing that crosses the people’s mind while choosing job is money. Money plays a vital role in one's life and most of the people are motivated to perform well in their jobs for money. Money is the reason what drives people to work better. In most cases, money greatly works. People are motivated to perform better by receiving monetary incentives like wages, salaries, allowances, bonuses, retirement benefits, etc. But, money doesnot always contribute in influencing people towards the work. This essay will discuss the arguments that are both for and against money being the key motivator and suggest that money is not always the best motivator.
Management spends a huge amount of time to design incentive systems and schemes to motivate their workers and to ensure they work in their best possible manner. Motivating workers by giving them decent pay helps in winning employees heart to make the work done efficiently, significantly and effectively. The most effective way to motivate people to work productively is through individual incentive compensation (Pfeffer, 1998). An attraction of getting more is a powerful incentive to people for high performance. While most people agree that money plays a major role in motivating people, in organizations there is a widespread belief that money may also have some undesirable effects on morale.
In any organization, sometimes, monetary schemes doesnot get people involve to pursue work in a certain way, rather it demoralize and threatens the self-esteem of employees. According to Meyer (1975), “the basis for most of the problems with merit pay plans is that most people think their own performance is above average”. The amount may ...
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Clemmer, Jim. "Weak Leaders Try to Use Money as a Motivator - The Clemmer Group."Weak Leaders Try to Use Money as a Motivator - The Clemmer Group. Web. 8 Feb. 2014 .
Kovach KA (1987). What motivates employees? Workers and supervisors give different answers. Business Horizons, 30. 58-65. Print. 8 Feb. 2014.
Maslow, A. H. (1943). A theory of human motivation. Psychological Review, July 1943. 370-396. Print. 8 Feb. 2014.
Meyer, H. H. (1975). The Pay-for-Performance Dilemma. Organizational Dynamics, 3, 39-50. Print. 8 Feb. 2014.
Pfeffer, J. (1998). Six dangerous myths about pay. Harvard Business Review, 76, 109-119. Print. 8 Feb. 2014.
Taylor, Frederick Winslow (1911). The Principles of Scientific Management. New York, NY, US and London, UK: Harper & Brothers. Print. 8 Feb. 2014.
Mujtaba, B. G., & Shuaib, S. (2010). An Equitable Total Rewards Approach to Pay for Performance Management. Journal of Management Policy and Practice vol. II (4), 111-121.
For the most part, the value of compensation from the time of World War II (mid 1930’s – 1945) until the 1970’s did not change (Fryman 2009). Many executives are on a Pay-to-perform compensation plan. The most surprising fact is during the 1950’s ...
When employees were asked, what factors could be changed at USAA to help maintain employee motivation levels, a couple of them answered with, “higher wages” and “more money”. This response corroborates other studies regarding pay which state surveys will more likely under emphasize the importance of pay relative to other motivational factors. (Rynes, Gerhart & Minette, 2004). “Financial incentives had by far the largest effect on productivity of all interventions. For example, pay was four times more effective than interventions designed to make work more interesting.” (Rynes, 2004). One reason for this phenomenon is social desirable responding. It should be noted, that although pay may be under reported, the results indicate other factors are also important for employee
An incentive or reward system refers to a program designed by an organisation to reward high performance and motivate workers on an individual and group basis (Corby et al. 2009, p. 2). Rewards are useful to a company operating in a competitive market. Although used interchangeably, rewards and recognition where the former can be monetary or non-monetary but has a cost to the company, while the latter is meant to offer psychological reward, for instance, oral public recognition or end of the year award. While the company does not provide financial incentive, it provides non-financial in the form of cars for its Sales Division consultants. This improves the working condition of the employees, but it does not improve their financial stance. Wright (2004) notes that some employees are more concerned with status, for instance, an executive desk, attractive office or business card (p. 76). Such incentive make the jobs and company attractive.
A number of motivational theories explain how rewards affect the behavior of individuals and teams. Performance related pay can have a motivational effect. Employees are motivated to increase prod...
Urwick, L. F. and E. F. L. Brech (1966). The making of scientific management: Pitman.
There is no shortage of motivational theories, just as there is none for leadership theories; however there are a few particularly important ones. It is interesting to note that even some of the most notable ideas of motivation are nothing more than untested hypotheses with simple anecdotal observations as a backbone that has served for years of...
Employee compensation and reward systems have undergone a couple of paradigm shifts since inception. Reward systems were traditionally compensation based and focused on the individual or the position (Beam 1995). After a recession in the early 1980's, employers turned to performance based models in an attempt to save money while still rewarding top performers (Applebaum & Shapiro, 1992). Today, the most successful organizations are using a total reward model, a hybrid of the performance based model combined with strategic human resource management planning to create reward systems that both benefit the employee and help organizations realize their operational goals (Chen & Hsieh, 2006).
for a lot of people it is money that drives them this is not always
The question of whether money buys happiness and how we choose to answer this question has significant implications in our lives because it directly affects our choices. Most of us base our choices on the amount of money they will result in. We compromise our integrity to demanding bosses in the hope of getting a promotion or a large bonus. We pick college majors based on their monetary value rather than our interest because we believe the extra money will make us hap...
There is considerable debate over merit pay and the effect it has on employees within an organization. Psychologists believe merit pay is related to the incentive theory of psychology; people respond to rewards and with the proper motivation, it increases performance (Cherry). Employers consider merit pay an effective tool and a form of competition strategy for motivating employees to achieve positive performance outcomes. Many employers ignore the fact that incentive plans may motivate some individuals while others have high work ethics and do not need motivation. The intent of this paper is to discuss merit pay used by companies, the motivational factors on employees to reach high achievement, and the challenges that employees face due
Hays, Scott. "Pros & Cons of Pay for Performance." Workforce 78, Number 2 (February 1997): 68-72
Money is an important factor in the motivation of employees, as profit acts as a
Money has become the first priority in peoples’ life. It has become the necessity for being success. Many believe that money is the only way to success. They work hard to earn a lot of money and to make their life more comfortable and easy. Once Bill Gates said, ”If you were born poor, that’s not your fault, but if you die poor that’s your fault.” So many people run after money throughout their life to become success. Some people also believe popularity as being success. People work hard throughout their life to become a renowned person in this world and believe they need to look rich in order to be
Money exists no place else but in our minds. Money is not gold or silver; it is not a bill, and not a credit card. Love of money is recognized evil it always has been and it always will. People want money for various reasons, for security, status; to be powerful and etc. “This is also known as materialism, which brings in its wake tension and unhappiness.” Evil arises when people are controlled by money and compare everything in terms of money. Desire to earn money is not the root of all evil; everybody needs money to fulfill their needs. The problem appears when our wants increase. Therefore, the want of money increases, and we start to have a desire of wanting more of it and are never satisfied. Desires should not be confused to be the root cause of