They are motivated by money only up to the stage they are struggling for physiological and safety needs. Incentive Employees must know that hard work and a high level of achievement will be rewarded financially.
To those people, non financial rewards are more important.
To some people, importance money will be reduced after a certain stage. An employee with children, for example, may be highly motivated to achieve more in the workplace if you offer him additional time off to spend with his family. Some rewards may cost money, whereas others are investments in time and effort.
Role of Money in Motivation Essay Article shared by: Money plays an important role in motivation. Therefore, management can use financial incentives for motivation.
However, these incentives may not always be motivating. Money plays an importance role in satisfying these needs. A reward emphasizes your respect for your employee and encourages fellow employees to show respect to each other.
Instead of working for his own financial benefit, an employee who is amply rewarded is more likely to personalize the company mission.
Money helps in satisfying the social needs of the employees to some extent because money is often recognized as a basis of status, respect and power. All can contribute to a more pleasant work environment. Employee Retention An employee who has been rewarded is often more motivated to remain with the company.
Money will not always be a motivating factor to all people. They may be motivated by money only if the increase is large enough to increase their standard of living and status in the society. The presence of these factors at a satisfactory level prevents job dissatisfaction.
Money provides for the satisfaction of physiological and security and safety need only which have been called hygienic factors by Herzberg Hygienic factors include wages and salaries and other fringe benefits. It can cost a business quite a bit to deal with the loss of old employees and the training of new ones.
Uniting the Team Employees are motivated by a workplace atmosphere of mutual respect. Rewards, given to employees who are considering leaving the company, may increase your employee retention statistics and decrease your long-term training costs.
Managements make use of financial incentives for example wages and salaries, bonus, retirement benefits, health insurance, medical reimbursement, etc. Money is a real motivating factor when the psychological and security needs of the employees have not been fully fulfilled.
When worker productivity goes up, the bottom line often increases far in excess of the monetary rewards distributed. The offer of an additional reward gives an employee that extra motivation to go above and beyond. Thus a good management should create a motivational system which is capable of fulfilling the different kinds of human needs.
Self-Motivation A good manager can encourage an employee to work harder and better from time to time, but a reward can go a long way toward building employee self-motivation. But these needs are present generally in case of workers in the higher levels in the enterprise.
In many cases, management may have to increase the financial incentives to keep the employees with the organization. This can be appreciated from the practice of making wages and salaries competitive between various enterprises so as to attract and maintain good work force.
According to Hierzberg in order to motivate the workers, it is necessary to provide for the: Thus, we can say that people in higher positions, who get higher monetary rewards, are not motivated by increased financial benefits.
When deciding what kind of rewards to give to employees, think of their needs. But in case of workers at the operative levels, money certainly plays an important role in motivating them because absence of monetary incentives will put their survival and safety into jeopardy.Alienation: Motivation and Employees Essay.
research is about the effect and extent of employee motivation in a Nigerian ultimedescente.com is focus solely on the Nigerian bank because of the situation of the country’s financial industry on motivating an employee which has become an issue.
This research paper addresses the definition of rewards in the work environment context, the importance of rewarding employees for their job performance, motivators to employee performance such as extrinsic and intrinsic rewards, Herzberg’s two-factor theory in relation to rewarding employees, Hackman and Oldman model of job enrichment that.
Motivation Theory into Practice, Measures of Motivation, Self Theories and Employee Motivation. Of the many theories of work motivation, Herzberg's () motivator-hygiene theory has been one of the most influential in recent decades.
Nov 26, · Rewards that are strictly monetary will stifle the creativity of a project and an employee’s unique approach.
Pure monetary gain takes the “interesting factor” out of a job. 4. material and material rewards can boost up the employees' work motivation and en- hance their commitment to the company. The aim of this study is to investigate and analyze how well the current reward. In human resources.7 | Reaction Paper on Rewards and Recognition Conclusion It’s the function of HR to study the different types of motivation and identify the best motivational factor for each employee for them to balance the organization’s commitment to its employees and employees to their work and organization as a whole.5/5(2).Download