Are monetary rewards the best motivational tools

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Are monetary rewards the best motivational tools

Motivation is something that every employee needs to be effective and efficient in a workplace. Motivational goals and tasks will give employees that extra encouragement that will give people energy to do their jobs well and effectively. Without Motivation employees will not be enthusiastic and energised to complete their tasks well. It is needed for employees to reach their full potential as an employee. First we need to know what is motivation. In simple terms, motivation is the feeling of desire and inspiration to successfully complete goals and objectives. To motivate someone, is to give them that extra positive encouragement to drive them to success. Motivating employees is a very important job for managers to do, however it can be extremely difficult to find a way to motivate every employee. Without these motivational tools, companies will start to lose focus and work at a slower pace. This means that the quality of the service or products start to drop. However the arguments for this essay areIs Monetary Rewards the best way to motivate employees”.

Firstly, money is commonly used as the best form of motivation. It can influence employees to work harder to increase their salaries and be able to provide themselves and their family with more luxury items. This is a good way to improve the efficiency and effectiveness of the employees. A professor at Harvard Business University said “Money is Highly Motivational for People”. This means that it can act as a very effective and efficient way of motivating employees. When employees are rewarded with monetary rewards such as bonuses and raises, they will feel as though their work is being appreciated by the company. Which employee wouldn’t feel good if they were given a bonus for their effort. This is because the current world that were living in and the economic situation of this world, money is becoming more and more important. If the employees were all very passionate about their jobs and only worked because the genuinely enjoyed working for the company, the economy would be a lot different. Of course is this the type of company that every employer and employee dreams about, the fact is that this is very unlikely and any ordinary people. Obviously thinking about extraordinary people such as Sports stars, Musicians, Actors and other dream jobs, the money is not as incredible as the fame and glory of being in these work fields, just a fraction of a percent of people in the world end up getting the jobs that they dreamed of getting. More than half of the people in the world work to keep food on the table and pay for the house or rent. These people are the majority of the world which the companies should think about. MONEY is the major influence of the motivation of employees. Majority of employees do not work for enjoyment or interest but work for the money alone. Saying this, doesn’t mean that other methods are not effective, but as much as it is looked down upon, monetary rewards will be the main motivational factor of an average employee.

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Are monetary rewards the best motivational tools
Last updated: Sep 2023

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Secondly, what is the difference between monetary rewards and recognition? Monetary rewards will put food on the table, however recognition won’t. Monetary rewards go towards paying for a house, however recognition won’t. Monetary rewards can pay for children’s schooling and studies, however recognition won’t. This is how the average employee will look at the situation. “What is most important in the world right now?”. The answer is quite different to a few decades ago. Money was not as important and jobs were more enjoyable. At the current situation, the world has gotten far too corporate. They important of money has increased dramatically as technology, advancements and innovations are costing more and more. These technologies and advancements are becoming more “necessary” than before. Things like Smart phones, internet, electricity, all these things have become incorporated into every average person’s life. These “necessities” have increased the cost of living, making it more difficult to keep up with the world. Money is becoming more important and there, getting a raise, or bonuses from work are one of the best ways for employees to get motivated. As much as people feel bad about it, the thing that they will care most about is getting that pay check at the end of the week.

From an average person with an average salary at an average job, the thing that would be most important to me would be a extra bonus. This bonus will be much more appreciated than a few words of recognition or a piece of paper with the employee’s name saying “employee of the month. Surely the employee of the month will give the employee some sort of motivation or happiness, but a pay check that has increased is much more satisfying. This extra bonus can go towards anything that the employee feels threatened about. Now a days, money is seen as a form of security. Having a stable job, can provide food on the table, can pay for children expenses and a house, is the safest a person can feel. Being in danger of not being able to pay for these things makes anyone feel scared and nervous. Having a raise or bonus will certainly give an employee a sense of safety in this new corporate world. Would a piece of paper hold the same sort of security? The answer is no. In reality, the most important factor in a person’s life is to have money to live.

Money is the root of all evil”. This saying is a very famous saying that will influence a lot of religious people. The desire for money will turn into greed and corruption. This saying is nothing but a religious quote. In the world today, money does not cause greed and corruption. Money is needed to pay for all the necessities of a human life. If money is needed for necessities, does that really mean that living is a root of evil? Surely from a non-religious point of view, this could really just have been a hoax for getting from religious people. However in the world now, religion is becoming less dominant and corporate life is taking over. The amount of atheists in the world is increasing…

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Are monetary rewards the best motivational tools
Last updated: Sep 2023

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