CONTEMPORARY DEBATES IN BUSINESS MANAGEMENT


UGB 117 CONTEMPORARY DEBATES IN BUSINESS MANAGEMENT
“Money reward is superior to any other motivational incentives”

“Motivation is a process that energizes and guides behaviour towards reaching a particular goal.” (Sansone, 2000) It is one of the important factors that encourage employees to strive forward towards the goal of an organisation. Human resources are an integral part of any organisation and there are a numerous distinctive reasons why we do things.In some cases we are roused to act due to inner longings and wishes, however at different times our practices are determined by a longing for outer prizes.

According to Bernstein, the motivation hypothesis is one of the real hypotheses of inspiration and proposes that conduct is roused by a longing for fortification or impetuses (Bernstein, 2011). Motivating human resources is very important to every organization to improve performance level, reduction in employee turnover, reduction in resistance to change, increase production, helps to Reduce Absenteeism in the Organisation and Helps to Change Negative or Indifferent Attitudes of Employees (S.Pujari, 2014). There are several incentives of motivating people. Some of them are positive and negative, Intrinsic and extrinsic, monetary and non-monetary etc. From above them monetary and non-monetary incentives are major ways of motivating people. Money is the monetary motivation incentive which is also known as extrinsic motivation and there are other non-monetary incentives also known as intrinsic motivations. In this report we are going to debate money reward is more superior to any other motivation incentive.

We are an advocate for the topic, because those motivating forces which fulfil the subordinates by giving them remunerates regarding cash like bonus, increasing salary etc. According to the motivational theory developed by Frederick Winslow Taylor, workers are motivated chiefly by money. Taylor’s theory proved to be very successful as workers were more motivated to increase their efficiency of work when they were paid according to the number of items they produced in a specific interval of time. Money has been perceived as a superior wellspring of fulfilling the needs of individuals. Money is additionally useful to fulfil the social needs by having different material things. Accordingly, money fulfils psychological needs as well as the security and social needs.

However, for many of the employees money is not the only supreme factor that increases their work efficiency, there are sure non-monetary motivating forces which can fulfil the personality and self- realization needs of workers. The motivating forces which can't be measured as far as cash are under the class of "Non- money related impetuses" or intrinsic factors like need for achievement; power and affiliation. Taylor’s theory as mentioned above was successful for a limited period of time but soon the employees were getting tired of doing the repetitive jobs every day. As a result, even though the pay was higher there was no job satisfaction among them which definitely had influence on the productivity of the organisation. These forms of non-monetary recognition can often be more effective than cash awards because since cash spent it’s gone whereas other incentives remain forever. According to survey by development dimensions international, UK, pay was also the 5th reason for people leaving jobs.

In view of that, in numerous production lines, different pay arrangements and extra plans are acquainted with spur and fortify the individuals to work. To sum it up, employees are not only motivated by money rewards. People who have higher salaries end up quitting their job due to lack of job satisfaction, better promotional opportunities and for exciting and varied place of work. Therefore, money can convince most of the people to retain their jobs but cannot guarantee their full commitment towards their organisation whereas employees that are motivated by other intrinsic factors are found to be more active and committed towards their job, hence, resulting in the company becoming more productive.












REFERENCES

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 Bruce, A. (2003). How to motivate every employee. 1st ed. New York: McGraw-Hill.

 Riley, j. (2014). Theories of Motivation. [Online] tutor2u. Available at:  http://tutor2u.net/business/gcse/people_motivation_theories.htm [Accessed 1 Oct. 2014].

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