Money as a Motivator

¶ … Money as a Motivator justifies its points by proving money to be an essential source of motivation for many people. This paper explains how money is an important factor in producing good and productive work from employees of any company. This paper also highlights some quotes to support its claim. Money As A Motivator Realistically and practically money is one of the major forces that drives human beings to be more productive. Statistics have shown that money is one of the top five motivational factors.

Money no doubt is important because it allows one to acquire a standardized living style, earn bread and butter and fulfill all desires. If a company's employee is given an incentive of a bonus than there is a very high probability that his/her work performance will increase. Even though not all professionals have financial goals and concentrate more on their professional goals they too to an extent are driven by the money factor. Hence, money motivates the majority of the people to be greatly prolific.

In companies employees compete with each other on the basis of work quality. Managers or directors usually offer cash incentives in order to attain the very best from their employees. Motivation plays a huge role in how well employees do their jobs, and nothing motivates quite like cash, according to a survey of 2,000 American workers conducted late last year by the Society of Incentive & Travel Executives Foundation.

Eighty-five percent of respondents said their level of motivation on the job has an impact on the quality and quantity of their work. What kind of rewards is the most meaningful? Cash bonuses came out on top, cited by 91% of respondents. Runners-up: special training/professional development, 74%, stock options, 65% and travel, 61 percent (Lisa Grimaldi, Money Is A Top Motivator). Money is not only an important factor for company employees but to any human being.

It is a common fact that a price has to be paid for every thing and the price for food, shelter, clothes and decent living is money. If money were not an essential motivator than this world would have been an entirely different place to live in and competition among people would have never existed. Alan Buhler in his article pointed out that "Thirty-two percent of the U.S. salespeople studied say they work to make money. The figure drops to 19% for salespeople from Singapore and 18% for those from Sweden.

Only 12% of Australian salespeople and 9% from New Zealand say money is their primary motivator" (Money Is Top Motivator For American Sales Reps). The largest source of competitive advantage today is human capital. A national survey has indicated that money is still a primary motivator and retention tool used by employers in holding esteemed employees. One of the disadvantages of using money as an incentive by employers to their employees in the form of monthly bonuses is that the employees might start associating their reward as a part of their salary.

There is even a possibility that in the long run the employees would not consider their bonuses a deserving reward thus, leading the company to eventually suffer at the end. There is even a contingency that the company may even fire some of its staff members. One way to handle this problem is to give new bonuses on an annual basis. Consider a scenario in which a businessman is making ample money by selling some handcrafted articles on the web.

Not only is his business gaining more popularity but greater prosperity as far as finances are concerned. Do you think that he would abandon his business at this stage? The answer is surely no. That is because not only money but also fame motivates him. An important point that comes into our minds at this instant is that money is not the only factor that motivates him, there is also fame. Hence, money is not always a prime motivator for many people but it certainly is an essential one.

Our businessman can certainly do his business without fame but he cannot carry it out for long without money. According to an article The survey of 667 working Americans, conducted this spring by Market Facts Tele- Nation, Inc., of Chicago, for technology recruiter BridgeGate LLC, based in Irvine, California, helped uncover the factors most likely to convince employees to continue working for their current employers. Raises and improved benefits continue to be the factors that survey respondents cited most frequently when asked about what keeps them on the job.

But working Americans appear to be reevaluating their positions on flex schedules, stock options, and better training. In this second annual BridgeGate Report, interest in a more flexible work schedule stands at 12%, down from 14 percent in the 1999 report. Conversely, more working Americans expressed interest in stock options: 12% this year compared to 9%.