Money as a Motivator
It is a fact that for a living, food, shelter and clothes are needed. To get all these necessities one has to possess money. This is a great truth that one cannot deny. Money is an indispensable thing like oxygen for survival which can buy anything to everything in this world. It is therefore a precious thing of our life and belongings. Money makes the world go round, and nowhere is this more true than in the workplace. With money, all the necessities including luxuries can be bought for living as well as enjoying life. This is the sole reason why money attracts people, exhibiting its novel character of being a great motivator at work places. Everyone work to earn and get money and better wages can induce or motivate workers to do the best.
Employers know that money is one of the best motivators. However, are bonuses or cash awards always the best way to reward employees?
There are some circumstances where money is the best recognition for extra work, there are other times it is inappropriate.
The primary reason why people have to work is because of money. People are motivated by money the most, and cash is a fair and effective way for management to show appreciation to hardworking staff. Employers know this, and many companies reward outstanding employees with bonuses and cash rewards for good work.
But, in the same time this is demeaning, trivializing, and bad for morale. People are motivated by different things. Some employees have financial goals, others have professional goals, and others have personal goals. So, money alone cannot work for achieving everything. Since every person is motivated by something different, money may not work for every employee. Some people have motivation from within or intrinsically. These people do not often need rewards or encouragement to keep them motivated to complete or finish a task. They have the mind set to succeed. Others are extrinsically motivated, or need outside forces to keep them interested in completing a chore or tasks. These are the people that need a lot of encouragement, rewards or praise in order to stay motivated to complete a task.