Money as a form of motivation in the work place

Money as a form of motivation in the work place Motivation is described as the forces that account for the stimulation, assortment, course and continuance of behavior[1]. This then means that quite a number of things can motivate people as motivation is goal oriented behavior.Advertising We will write a custom essay sample on Money as a form of motivation in the work place specifically for you for only $16.05 $11/page Learn More People tend to do things for the rewards they will receive at the end of the task or at the end of a period of time. Money, at the work place is one of the things that get people to work harder. This then shows that money can and is used as a motivational factor in the work place so that employees can strive to give their best and their all at the end of the day. Nowadays, people tend to look at how much they are going to get paid rather than job satisfaction, hence in this light money becomes a motivational force for the workplace and for the employees. In short, money makes peop le wake up in the morning to go to work, sit behind a desk for eight or more hours and go back home tired at the end of the day ready to repeat the whole process again the following day. When workers are money motivated, they will carry out their duties effectively, efficiently and thoroughly so that they can make as much money as possible in the shortest time possible. According to management study guide, Motivation is very important in an organization as it improves the level of efficiency of employees which in turn leads to an increase in productivity, reducing the cost of operations and improving overall efficiency. Motivation in the work place also leads to achievement of organizational goals. Organizational goals are achieved when co-ordination and cooperation take place at the same time which can effectively be achieved through money motivation[2]. Motivation plays a big role when it comes to survival of organizations. If the way to fully motivate employees is to offer them m oney then organizations will offer their employees money so as to motivate them fully in their work therefore improving the organization as a whole. Employers need to also appreciate what inspires employees within the environment of their work and the responsibility that they perform.[3] There are theories of motivation of employees that are linked to money in one way or another. Different researchers came up with different theories explaining the needs of workers:Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Abraham Maslow’s Needs Hierarchy Theory (1983), â€Å"Employees have five levels of needs: physiological, safety, social, ego and self-actualizing. Physiological needs are important as they sustain human life and one cannot survive without them. They are; food, water, warmth, shelter, sleep, medicine and education. Safety needs are the needs to be free of physical danger, fear of losing a job, property, and protection against emotional harm. Social needs include the need to belong and acceptance from others not forgetting the need for affection and friendship. Ego/esteem needs include satisfaction of power, prestige status and self confidence while self actualization is the drive to become â€Å"what one is capable of becoming, it includes growth, achieving one’s potential and self fulfillment†[4]. (Maslow 1943) Maslow insisted that for one to move on successfully to the next level, the wishes at the lower level have to be completely achieved and fulfilled so as to be motivated by the higher needs level. In simple terms, for example, one would not be motivated by social status before he has achieved security or one would not be motivated by safety before he can afford the basic needs, food, shelter, clothing, education, medication, water and sleep. This shows that individuals have to work hard to get enough money so as to satisfy their needs and the needs of their dependants fully. In such a scenario, an employee would be motivated by the money he receives at the end of the work period as then would the employee be able to fulfill his needs therefore proving Maslow’s hierarchy needs theory. According to Shah, and Professor Shah; and Vroom in reference to Vroom’s Valence x Expectancy theory: employee effort will lead to performance which will lead to rewards. The theory focuses on three things: efforts and performance relationship, performance and reward relationship, rewards and personal goal relationship[5]. The theory states that the force of inclination to behave in a certain way depends on the strength of anticipation that the act will be followed by a specific result and on the allure of that result to the individual. In simple terms, valence x expectancy theory states that an employee can be motivated to work harder when their belief is that hard work will result in awarene ss of individual targets in form of some prize; the prize in this case being money.Advertising We will write a custom essay sample on Money as a form of motivation in the work place specifically for you for only $16.05 $11/page Learn More Rewards can either be positive or negative, the more positive the reward the higher the level of motivation of the employee goes, while the more negative the reward, the less the level of motivation for the employee. In this sense money is seen as the positive reward, encouraging the employee to work harder and more effectively as the results of the employee’s hard work are positive, generating money for the employee, while loss of income is looked as the negative reward. Frederick Herzberg’s two-factor theory states that certain aspects in the work place result in job satisfaction but when these aspects are abolished they lead to dissatisfaction.[6] In his theory Herzberg states that intrinsic factors are re lated to job satisfaction, while extrinsic aspects are related to dissatisfaction. He based this theory on the question: â€Å"what do people want from their Jobs? he carried out a research and concluded that removing dissatisfying characteristics from a job does not necessarily make the job satisfying.† He claims that certain aspects when present in the work place make employees more motivated to work but when these aspects are absent, there is less motivation in the work place. In this scenario money bonuses can be seen as the aspect that brings more motivation to the work place and when there is absence of money there is less motivation amongst the employees. For example, if employees are told they will be paid extra money to come to work during public holidays and weekends, majority of the employees will show up as they are expecting a bonus which is in form of a sum of money at the end of the day. In this way money acts as a motivator to the employees who would give up t heir weekends and holidays with the aim of receiving a certain amount of money. Herzberg pointed out that there are two types of peoples needs: hygiene factors create dissatisfaction when they are missing and create satisfaction when they are there , employees often tend to take existence of these factors for granted for example; salary, working conditions, or job security. Motivators; contribute to satisfaction for example recognition in the work place, promotion, responsibility just to mention but a few. To achieve high motivation and employee output, motivation and hygiene factors must be used together[7]. In reference to Jeremy Bentham’s the carrot and stick approach, individuals are driven by their own self-interest and they are motivated by the desire to avoid pain at all costs and achieve maximum pleasure at the lowest possible cost. â€Å"An employee will work only if the reward is attractive and big enough or if the punishment is sufficiently horrible.†Adverti sing Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The carrot in this theory refers to the rewards while the stick refers to the punishment, in simpler terms employers use the system of rewards and punishment to induce certain behavior traits in their employees. In majority of motivational theories, some kind of ‘carrot’ are recognized and awarded to individuals in this case money, or some form of financial bonuses like a paid vacation, a company car that one does not have to fuel are used as motivational aspects for employees to keep working hard so that they can enjoy the financial rewards at the end of the day. The issue with the carrot approach is that more often than not, individuals get the reward, in spite of their performance levels. The stick on the other hand refers to the punishments accorded to individuals who do not perform their duties well. In the form of fear; fear of loss of job, loss of income, reduction of a bonus, demotion or some other form of consequence has, is, and will still continue being an ef fective way of motivation among employees. The thought of loosing ones job and not having a steady income creates fear in the employees who work hard to keep their jobs and secure their income. The stick approach results in poor quality work, defensive behavior from the employees and it is not the best way to use when it comes to motivation of employees. Through the stick approach employees tend to fear and work because they have no other choice and they want to keep their jobs and get income at the end of the day. In using the carrot and stick approach to influence motivation among employees one ought to be careful so that the rewards, money and the penalties that is, loss of employment balance out. In this way an employer will have a peaceful working environment for his employees and himself. Money offers and financial bonuses should be attractive enough and sufficient enough for the employee needs so that they can work hard not only for their benefit but for the benefit of the em ployer and organization at large[8]. According to B.F. Skinner he uses the term operant conditioning to illustrate the effects of the outcomes of a specific character trait on the future repetition of the particular behavior. â€Å"There are four kinds of operant conditioning: positive reinforcement, negative reinforcement, punishment and extinction. Positive and negative reinforcement fortify behavior while on the other hand punishment and extinction deteriorate behavior.† Positive reinforcement encourages behavior in that it offers rewards after certain good behaviors are observed for example; if your work is outstanding one gets an extra bonus and perhaps a promotion. Negative reinforcement on removes a stress factor as a result of good behavior. For example, economic sanctions being lifted from a country due to an improvement on their corruption levels. Extinction refers to getting no reward for something one has done. For example: if one is not getting paid for overtime, they stop working over time. Punishment is where one has to pay for their behaviors, for example; not getting paid the day one comes into work late[9]. In this case of operant conditioning money can be seen as positive and negative reinforcement. This means that the rewards an employee gets for working hard are in form of money either a bonus, or an increase in salary the more the money, the higher the level of motivation among employees . Punishment and extinction in this case can be looked at as loss of work, loss of a steady income and this will lower motivation levels among the employees. People have witnessed workers striking around the world due to payment issues that have arisen from delayed wages, salary arrears, more taxes, or minimum wages. Employee strikes have become a common site mostly due to the financial situations. When employees refuse to work and strike or go on a go, retirements benefits corporate offer this attractive package to employees increasing their motiv ation in their work. Bibliography An, ‘Theories of motivation’, Analytictech , 2003, Retrieved from analytictech.com/mb021/motivation.htm An, ‘Importance of motivation’, Management study guide, 2001, Retrieved from managementsudyguide.com/importance_of_motivation.htm Bentham, J., Jeremy Bentham: Life, Influence and Perspectives on his thought, Routledge, New York, 1993. Biehler, R. Snowman, J., Psychology Applied to Teaching, 12th ed, Houghton Mifflin, New York, 1997. Knights, D Willmott, H, Organizational behavior and management, London, Thomson Learning, 2007. Maslow, A H, ‘A theory of human motivation,’ Psychological Review, vol. 25, 1943, pp. 370-396. Shah. K Shah, J P, Vroom,V. H. work and motivation, Laynetworks, 2000, Retrieved from http://laynetworks.com/theories-of-motivation.html Ukwuoma, B, Muanya, C Olayinka C, ‘Health workers suspend strike, govt to pay 50% arrears’, 2000, Retrieved from http://news.onlinenigeria.c om/templates/?a=6107z=12 Vroom, V.H. Work and Motivation, Krieger Publishing Company, Manhattan,1982, pp. 48. ‘Workers Struggles: Europe, Middle East Africa’, World Socialist 2010, Retrieved from wsws.org/articles/2010/wrks-j16.shtml Footnotes R Biehler J Snowman, Psychology Applied to Teaching, 12th ed. Houghton Mifflin, New York, 1997, 399. Management study guide: importance of motivation V h Vroom, Work and Motivation, Krieger Publishing Company, Manhattan, 1982, pp. 48. A Maslow, ‘A theory of human motivation,’ Psychological Review, vol. 25, 1943, pp. 370-396. K Shah J Shah, Vroom,V. H. work and motivation, Laynetworks, 2000, Retrieved from http://laynetworks.com/theories-of-motivation.html D Knights H Willmott, Organizational behavior and management, London, Thomson Learning, 2007, 83. D Knights H Willmott, Organizational behavior and management, London, Thomson Learning, 2007, 104. J Bentham, Jeremy Bentham: Life, Influence and Perspectives on h is thought, Routledge, New York, 1993, 65. An, ‘Theories of motivation’, Analytictech.com, 2003, Retrieved from analytictech.com/mb021/motivation.htm ‘Workers Struggles: Europe, Middle East Africa’, World Socialist, 16th July 2010, viewed on wsws.org/articles/2010/wrks-j16.shtml ‘Workers Struggles: Europe, Middle East Africa’, World Socialist, 16th July 2010, viewed on wsws.org/articles/2010/wrks-j16.shtml ‘Workers Struggles: Europe, Middle East Africa’, World Socialist, 2010, Retrieved from wsws.org/articles/2010/wrks-j16.shtml A H Maslow, ‘A theory of human motivation,’ Psychological Review, vol. 25, 1943, pp. 370-396. ‘Workers Struggles: Europe, Middle East Africa’, World Socialist, 2010, Retrieved from wsws.org/articles/2010/wrks-j16.shtml B Ukwuoma, C Muanya C Olayinka, ‘Health workers suspend strike, govt to pay 50% arrears’, 2000, Retrieved from http://news.onlinenigeria.com/templa tes/?a=6107z=12

Take this quiz to find out what your most dominant work trait

Take this quiz to find out what your most dominant work trait You have several traits that are excellent for work; such as being hardworking, dedicated, loyal†¦ The list goes on and on. But have you ever wondered what your most dominate trait in work is? It’s so hard to just pick one that’s why this quiz is perfect for helping you decide.  Source [Playbuzz]