TABLE OF CONTENTS

1. Introduction

2. Types of motivation

3. Major theories of motivation

4. Importance of motivation

5. Benefits and effects of motivation

6. Conclusion

7. References

1. INTRODUCTION

Competition between organizations is becoming more and more fierce. It requires organizations to operate efficiently while innovates effectively for the future. ‘Managers and leaders within those organizations cannot only be focused on the market success and profitability of each project, but they also need to motivate their employees in order to be profitable and successful.’[1]
‘Motivation is one of the most critical drivers in personal and business success. Without motivation, nothing gets done.’[2] ‘Motivation plays crucial role in achieving goals and business targets and is equally as important for companies that work in team-based environment and in a workplace comprised of people who work independently. It is very important to make sure that each employee's goals and values are aligned with the organization's mission and vision. That is major issue for creating and maintaining a high level of motivation, which often leads to higher productivity, improved quality of work and financial gain.’[3]

‘Motivation is the creation of stimuli, incentives, and working environments which enable people to perform to the best of their ability in pursuit of organizational success. Motivation is commonly viewed as the magic driver that enables managers to get others to achieve their targets. In the 20th century, there was a shift, at least in theory, away from motivation by dictation and discipline, exemplified by Frederick Winslow Taylor's scientific management, toward motivation by creating an appropriate corporate climate and addressing the needs of individual employees. Although it is widely agreed to be one of the key