The paper "Money Motivation at Workplace" is an outstanding example of business coursework. To motivate is to give a reason behind an action by a person in their struggles to satisfy their desires or needs. At the workplace, the definition provided is the process of maximising profits through improving and efficiency of the employees by motivating them to be at their best. Different individuals have different driving force when it comes to being efficient in their performance at work. Does money fall under the motivation factor when it comes to employees and the workplaces?
The answer to the question varies depending on the approach of an employer, but in this case, the argument is based on the fact that money does provide a good motivation source when it comes to company’ s point of view in the achievement of the set goals and the maintenance of the workplace. Nelson (2006) states that motivation after the industrial revolution took place was all about the interaction between those who surrender their will for money and those who impose their will on others by providing money. The best motivational factors as argued by different scholars vary depending on different factors to be considered in business.
One of these scholars is Maslow who provides a discussion with an explanation that human needs and the drive for motivation under five hierarchical levels. The five levels of needs include; psychological, safety and security, social needs, esteem, and self-actualization. The satisfaction of some of the needs are tied to money, and thus evident that money can be a good motivator. Another scholar who argues on motivation factor is Herzberg (1959) who grouped motivation factors into two; extrinsic and intrinsic.
The extrinsic factor is tied to job context and comprises of the salary, working condition, status, regulation, supervision and job security, whereas the intrinsic factors also known as motivational factor deals with job content comprising of achievement, growth, recognition, the work itself and responsibility. Money Motivates The most common methods of motivation using money are either in the form of a cash bonus, benefits, commissions or a raise in the pay. Some firms go to the extent of sharing profits with the employees after completion of a project on top of their basic salaries. Money under the scope of an economic perspective of motivators as argued by different scholars has its background on the statement, ‘ everything has a price’ , and from that declaration alone, money is seen as a good motivator since it is what rules the business world in this century.
Herzberg (1959) states that extrinsic motivation, as defined by the economic theory and economists, is a major factor in the determination of behaviour at work. A good example of the author’ s idea is in the principal-agent theory by Jensen and Meckling which states that a firm is an agency of contracts and calls for the control and monitoring of the agent's behaviour using negative sanctions as well as financial incentives as a means of reward.
The above scholars pave the way using intrinsic motivators on a general term and money as a particular name in the efforts of motivating workers. Money in its different form is the best means of exchange for the acquisition of goods and services in the effort of providing security for the future and comfort now.
Herzberg (1959) in his theory of two factors states that the satisfaction of the extrinsic needs, even when acceptable, do not leave the employee satisfied but rather leaves them ‘ not dissatisfied. ' Adequate extrinsic needs do not motivate the employees to put an extra effort into their daily routine whereas the intrinsic do since they encourage the fulfilment of psychological needs on a personal level for the purpose of self-development. Self-development in many cases, such as achievement, recognition, responsibility and growth opportunity, require money to acquire.
In this era, money is an important aspect in the factors that lead to appreciation in the society, that is, the acquisition of expensive goods and services which go hand in hand with the growth opportunity. Another economic reason for money is the best motivation factor for employees is that it provides security and comfort for an individual who is most cases needs it to cater for their families. A rise in the salary for such a person paves the way to the extra effort being employed to satisfy comfort and have extra for other personal growth reason.
A group of analysts which include Jenkins and Gupta, in their analysis of about forty studies of the last forty years clearly reveal that workers motivation is dependent on money despite the level of excitement or boredom experienced in jobs, in both the real world and in a lab. Gupta and his group continue to argue that even though money is a good incentive, it should not belittle because the reward should reflect the effort for motivation to take place.
Ferraro, Pfeffer, and Sutton (2005) argue that the theories of economics have an influence on human behaviour. It is affected by the theories which include, the agency theory, self-interested behaviour, and free-market efficiencies which have a link directly to the institutional design, language, and social norms. They continue to argue that most of the firms have a model in place with the assumption that the extrinsic incentives are the only motivators and that persons will only be narrowly self-interested. These mechanisms and processes are assumed to produce the same behaviours and thus becoming institutionalised.
This process is defined as the double hermeneutic mechanism which functions under social institutions and with professionals. They believe that the characteristics of all managers are of self-interest and who need to be continually be checked upon and whether their interests are similar to that of the goals of the shareholders through mechanisms such as profit sharing and even the option of owning stocks. Krishnan (2003) in a report of their two-year program proved that values which are self-oriented such as comfort and pleasures of life were more important than other-oriented interest such as being polite or helpful.
The interests lost their importance over the period of study, thus proving that money is the most efficient method of motivation in the struggles of life. Williamson (1975) explains that transaction is the ultimate consideration in the analysis of an economy which includes the factor of self-interest as a major one and thus every firm should align its goals with that of the employees. The author continues to paint the picture of employees who are opportunistic and willing to work to achieve their set goals which when considered should align with that of the owner who wants to make money too.
It is impossible to separate the needs of employers and that of the employees since they are both after the same thing, money. If prosperity, through efficiency, is to be achieved, then the owners need to view the employees as they would see themselves in the business of money-making, that is, work hard for more money.
Doyle, S. (2004). The Manager's Guide to Motivating Employees. Amherst: HRD Print.
Ferraro, F., Pfeffer, J., & Sutton, R. L. (2005). Economics language and assumptions: Howtheories can become self-fulfilling. Academy of Management Review, 30. 8-24.
Gold, T. (2012). Ethics in IT Outsourcing. Boca Raton: CRC
Herzberg, Frederick. 1959. The motivation to work. New York: Wiley.
Krishnan, V.R. (2003). Do business schools change students’ values along desirable lines? Aongitudinal study, In S.M. Natale and A.F. Libertella (eds) Business education andtraining: A value-laden process, Volume 8 (Immortal Longings), pp. 26-39. University Press of America, Lanham.
Nelson, Joseph S. 2006. Fishes of the world. Hoboken, N.J.: John Wiley & Sons.
Timpe, D.A. (1986). Motivation of Personnel (Art and Science of Business Management). Facts on file Publications.
Williamson, O. E. (1975). Markets and hierarchies: Analysis and antitrust implications: A study in the economics of internal organization. New York: Free Press.