Is money an effective motivator at work? It is said that for a living food , shelter and clothes are needed. This is very true and for getting all this , money is need. At this point of time , money is required as much as oxygen for survival. Money is a great motivator at work. Disregarding the fact that money changes a person’s character , money has become a part of our life. With money mostly all the things can be bought for enjoying life. At work , the money can be good motivator. We should not forget the reality that we all work for getting more and more money. Money can help an employee do the best out of him. For praising an employee , bonus can be given by the employer as a reward. This can be the best reward one can expect. The days are gone , when more money was considered bad. In this 21 st century , money is really needed for a living. At this time all one needs is money. It is needed by parents to feed their children or to feed himself. No matter what somebody does with the money he gets from work , but everybody wants money. Continue Reading »

Considering today’s scenario of a fast paced lifestyle, skyrocketing expenses and the constant struggle for a decent survival, money seems to be the only answer and the only driving force. The sole aim of education is to provide a sense of independence to an individual, but independence in the present context is not limited to making one’s own decisions or solving mortal problems- it largely relates to the monetary capacity of a person and the ability to sustain himself and his family with regard to materialistic comforts and needs.

What motivates a person to frantically look for employment, bear the brunt of bosses and stick to a boring job that requires long working hours and exhausting responsibilities? Most often the factor involved is the money! Although some people may have professional or personal interests in a particular job profile, the “M-factor” tops the list of priorities. Continue Reading »

Repetitive work for 8 hours a day, day after day can often cause health problems for employees as well as lead to ineffectiveness. In order to reduce the negative impact of monotonous jobs, improve the organization of tasks to streamline efficiency, job design concept was introduced. Job design and work organization is the specification of the contents, method and relationships of jobs to satisfy technological and organizational requirements as well as the personal needs of job holders (Accel Team). Job design is about the ways to organize a set of tasks, or an entire job. Some argue that job design improves workers’ motivation and dedication to work. However, at a closer examination, job design can only contribute to the better efficiency within an organization, eliminate some health problems, but will not impact employee morale and enthusiasm at work.
Rearranging activities can help alleviate fatigue and/or boredom according to Environmental Health and Safety Office (University of Toronto). For example, ergonomically designed workstations will not eliminate all problems for individuals who continuously perform repetitive, monotonous work. Generally, health complaints can be significantly reduced if workers are given a variety of tasks, and some control over their work. Continue Reading »

Motivation is a psychological feature that arouses an organism to action toward a desired goal (Princeton University). In today’s competitive and challenging world of business, getting good and efficient people for any business enterprise is like asset building. A good management of a successful organization always retains their human assets because the success is traced back by their motivated team of staff and workers. Motivation is directly associated with the success of any business establishment.

There are many ways to motivate an employee and the business manager has to analyze what measures can encourage optimal performance and satisfy his work staff to achieve the desired objectives of the organization. Studies on motivation and man management has revealed that although money is not the only motivator at work, but money plays a major role in the motivation of an employee.

At work, money rewards are found very effective to motivate employees and can be in the form of incentives, promotions, increments in the salaries, special allowances, performance based bonus, perks, gifts, prizes, sponsoring a vacation for the family, sponsoring employee’s children for higher education, equity shares of the company etc. Business Managers cover areas like Sales, Production, Safety, Retention, Attendance, Promptness, Courtesy, Maintenance, R & D etc., to boost up morale of the employees.

Money is need of every man. An employee is encouraged when his work is recognized and rewarded. He feels that his performance is reflected and better compared to others. The reward will make him compete to put in more efforts.

Sometimes, it is not possible to promote the employees in view of the short of vacancies, but to keep their spirits high, management compensate with money rewards. Suitable rewards and incentives not only increase output but also bring down the internal monitoring costs. Motivation in the form of contests and prizes has also shown excellent growth in the productivity and efficiency of the employee. An interesting example is the race to enter the upper management levels. The structure of remuneration for top cadres is considerably higher than middle class management, which will motivate the managers to distinguish themselves in putting their conscious efforts, and become result oriented. For example, the chairperson at Bank America earned $1,600,000 in salary and bonus in 1991, while the vice-chairperson earned “only” $1,000,000 (Business Week).

In conclusion, motivation is a key factor for any successful enterprise and money works as an effective motivator at work.