Essay: Money as a factor of employee motivation

20 Oct

Essay: Money as a factor of employee motivation

Sample Essay

While some human resources managers assume that the main thing employees want out of a job is money it may hold truth to some extent. But theory and practice in relation to motivating employees holds notion that money can be a motivator, but it is not the only motivator, and for some employees it is not the most important motivator.

As a far as our today’s global economic landscape is concerned, money is still a significant motivator but may not be the only one to be emphasized (Michael et al., 2007). In order for money to motivate employees it must meet employee needs, and employees must believe they are able to achieve the financial rewards the organization offers (Wiley 1995). But, to use money well as a motivating factor for the workforce the manager has to employ varied financial incentives such as piecework systems, production bonus systems, commissions, suggestion plans, group incentive plans, profit-sharing, and gain-sharing.

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