Money is the best way to motivate people
Nowadays the employers use different instruments in order to stimulate their laborers to work better and faster. However, one must admit that the most common way to encourage employees to carry out their duties is money. I agree that wages or salary should be considered the most powerful instrument to influence on people's attitude to job.
To begin with, money is the most convenient and effortless motivator. In fact, no one gratitude or praise is as effective and easy to use as money. For example, to put this powerful instrument into use the employers do not need to possess special psychological knowledge on how to make people work. It is broadly known fact, that the workers in the Soviet Union were not as productive as those in the USA. That is because the praises were the only recognition of the results of their work.
Besides, money is the only thing that can motivate people working in the harmful conditions. In these cases the excess amount of money is used to have a rest and recovery.
To illustrate, in comparison to other workers the miners are provided with higher wages. Beyond doubt, for this category of the employees money is the best motivator as well as recovery for the severe working environment.
To draw the conclusion, I can say that money is definitely the finest motivator. Its usage is not connected with involving of large resources. In addition, money is convenient motivator for the people who works in harmful conditions and so need money for recovery.
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Money plays an important role in motivation. Managements make use of financial incentives for example wages and salaries, bonus, retirement benefits, health insurance, medical reimbursement, etc. to motivate employees.
However, these incentives may not always be motivating. 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.
Money is a real motivating factor when the psychological and security needs of the employees have not been fully fulfilled. Money plays an importance role in satisfying these needs. Therefore, management can use financial incentives for motivation. 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.
Money is also a significant means of getting a minimum standard of living’ although this minimum has the tendency to go up as people become more affluent. Money will not always be a motivating factor to all people.
To some people, importance money will be reduced after a certain stage. To those people, non financial rewards are more important. They are motivated by money only up to the stage they are struggling for physiological and safety needs.
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. The presence of these factors at a satisfactory level prevents job dissatisfaction. They do not provide on the job satisfaction to the workers and, therefore cannot be regarded as motivational factors, Herzberg’s findings are based on empirical research.
According to Hierzberg in order to motivate the workers, it is necessary to provide for the: satisfaction of ego, social and self actualization needs. But these needs are present generally in case of workers in the higher levels in the enterprise. Thus, we can say that people in higher positions, who get higher monetary rewards, are not motivated by increased financial benefits.
They may be motivated by money only if the increase is large enough to increase their standard of living and status in the society. 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. Thus a good management should create a motivational system which is capable of fulfilling the different kinds of human needs.