Question one:
For most people money is a fundamental reason to work because eit is measurable and tangible. Hence, it becomes a motivator by default though it may not be the primary one for many employees. People are motivated by different things.Some employees have financial goals, others have professional goals while some have personal goals. The same incentives cannot work for all. This essay outlines some of the reasons why cash is not always a suitable motivator for excellent employees.
Daniel Pink in his book “Drive”, convincingly argues that money does not motivate employees. Generally, people are motivated to work harder when they have the ability to work on their own terms. This is equally visible in Herzbergs two factor motivaton theory. In this theory, Herzberg points out that motivator factors such as the work itself,achievement, recognition, responsibility and opportunities for advancement and growth are the source of work satisfaction. Herzberg futher states that a salary is a hygiene factor and will not motivate people. Howerver, when the organisation links a monetary reward, such as a merit bonus to the recognition of good performance, it acts as a motivator. This is not to suggest that money doesn’t motivate, in fact, to underplay the importance of money and benefits as motivation for workers would be a mistake.
Daniel Pink states in his book that employees expect to be paid fairly, but over-paying employers do little to motivate them to work harder towards achieving company goals. “money is highly motivational for people…but saying money is the only thing we shoukd use is also silly.” (Ian Larkin).
Be it the expectancy theory or Maslows hierarchy of needs theory, each one points out that money motivates only to an extent. According to the ecpectancy theory, money will motivate employees as long as their personal goals are being satisfied and the