StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Money as a motivating factor - Essay Example

Cite this document
Summary
Employees can be motivated in a number of ways and money is one of the major ways of motivating them. Money does not only motivate them to take a step forward in their responsibilities but also maintains an augmented productivity level. …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.5% of users find it useful
Money as a motivating factor
Read Text Preview

Extract of sample "Money as a motivating factor"

Money as a motivating factor Employees can be motivated in a number of ways and money is one of the major ways ofmotivating them. Money does not only motivate them to take a step forward in their responsibilities but also maintains an augmented productivity level. There are several advantages of using money as a motivating factor amongst the employees. Money may be used as a motivating factor across a wide range of businesses. Everyone wants to have more money or to be rich because money can be used to do many things.

Giving workers more pay means that the workers will be motivated to perform their duties efficiently. Another benefit of using money as a motivating factor is that the business has more options of how they use it. These options may include cash rewards, gift certificates, commission to pay and bonuses and all these can get the workers to target better goals. Additionally, businesses have the option of changing it depending on the precise objective in mind such that cash may not always be the preferable way that money is used to motivate.

Sometimes it may work as augmented benefits such as medical allowances that can save the employee from paying extra bills. Money can motivate the lowest grade workers to the chief executive officer. This is another discrete benefit of using it as a motivating factor since it appeals to all levels of staff. Employees who earn little cash may be motivated by any meager increment in their salaries. However, companies ought to have a limit in using money as a motivating factor because employees may begin to think that money is more important than anything else in the company.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Money as a motivating factor Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Money as a motivating factor Essay Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/management/1624760-money-as-a-motivating-factor
(Money As a Motivating Factor Essay Example | Topics and Well Written Essays - 250 Words)
Money As a Motivating Factor Essay Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/management/1624760-money-as-a-motivating-factor.
“Money As a Motivating Factor Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/management/1624760-money-as-a-motivating-factor.
  • Cited: 0 times

CHECK THESE SAMPLES OF Money as a motivating factor

Motivation and Rewards in Organization

Is money the best motivating factor?... Given a choice between money and work enjoyment, what motivating factor will be preferred by most of the employees?... However, there is the question of whether money is the only motivating factor that can make things happen.... The discovery of the expectancy theory has led to a number of criticisms with a number of researchers refuting claims that money is not the absolute motivating factor among employees of an organization....
10 Pages (2500 words) Term Paper

The Importance of Money

The paper utilizes the Herzberg Two Factor Theory and Expectancy Theory while explaining the arguments in favor and against the effectiveness of money as a good motivator.... he importance of money as a motivator over other factors has always remained to be a debatable issue.... There are views that suggest the significance of money as a dominating motivator, whereas there are also some instances that provoke one to think about the other factors and their power to motivate people to work and perform in a better manner....
6 Pages (1500 words) Essay

Lack of Motivation & Coaching in the Workplace

Meeting the coaching needs of an employee would help them to make better decisions regarding the day to day operations as well as their career, further motivating them to work harder.... With globalization making other factors of production readily available for all, companies are losing competitive advantage which was through raw materials and location etc....
4 Pages (1000 words) Research Proposal

Major Function of Human Resource Management

The paper "Major Function of Human Resource Management" highlights that generally speaking, it is essential to state that an organization must have employees who are highly skilled and well-motivated, as this will ensure that they produce high-quality work.... hellip; Research proves that the organizations are always able to retain their workforce, and this is due to good motivational policies....
8 Pages (2000 words) Coursework

HR Performance Issues and Motivation

The Human Resource department is directly linked with the needs of staff members and ought to be on the forefront to create awareness on motivating its staff.... Creating a personal bond with employees is one way of motivating their work life.... Notably, job motivation leads to work performance that leads to job satisfaction....
4 Pages (1000 words) Essay

Motivating Employees

The motivational theories that were evidently applied included Maslow's hierarchy of needs, as well as Herzberg's two factor model (Martires & Fule, 2004).... The motivational techniques used by past employer to keep employees productive, satisfied, and motivated included the provision of intrinsic and extrinsic motivating factors (Ryan & Deci, 2000).... The intrinsic factors included incorporation of features that make the job… Likewise, extrinsic factors included competitive pay, acknowledgement, opportunities for promotion, as well as varied benefits. The ability of motivating factors to keep employees productive, satisfied, and motivated actually depends on the needs motivating Employees al Affiliation motivating Employees What motivational techniques, methods, or strategies does (or did)your current or past employer use to try to keep employees productive, satisfied, or motivated?...
1 Pages (250 words) Assignment

The Need Theories of Motivation

Once lower needs have been achieved, the need ceases to be a motivating factor and therefore higher needs must be provided to motivate the employees.... The need to satisfy one's shortcomings is the best motivating factor from within an individual that acts as a driving force in the organizational environment among employees.... Need theories of motivation are dependent on dominant motivating factors, which vary among individuals with respect to personal experiences in life and more so… According David McClelland's theory of needs, individual's needs and motivating factors are influenced over a period of time by the experiences people encounter in life....
5 Pages (1250 words) Essay

Motivation and Rewards Assignment

Is money the best motivating factor?... Given a choice between money and work enjoyment, what motivating factor will be preferred by most of the employees?... However, there is the question of whether money is the only motivating factor that can make things happen.... This paper illustrates that the other factor is the expectations of the employee or the management of the organization It is evidently clear from the discussion that motivation is an essential element in human learning....
10 Pages (2500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us