Should Employees Be Primarily Motivated By Money? (Essay)

Discussion

Should Employees be Primarily Motivated by Money?

Employee motivation defines the energy level, creativity and commitment of the workforce. In this era of business modernization, organizations are considering employee relationship for gaining supremacy in the competitive market. It is the sole responsibility of management to implement effective motivational tools for empowering employee performance. According to Lazaroiu (2015), there are different motivational tools such as recognition, succession plan, flexibility and remuneration increment. In this regards, Chauhan, Goel and Arora (2014) has argued that selection of the motivational tool completely depends on the organizational requirements and culture as well. It is highly necessary to implement an effective motivational tool for empowering employees’ performance level, which helps an organization in handling a critical situation.

Most of the organizations try to satisfy their employees through financial benefits rather than other benefits. This essay will critically evaluate that whether the financial benefit is an essential motivational tool or the other motivational tools are also need to take into account for strengthening workforce performance.

According to Solomon et al. (2012), financial benefit is one of the major motivational tools, which helps an organization to motivate the workforce. On the other hand, Manzoor (2012) has argued that financial benefit only helps an individual to fulfill the primary needs and requirements. As per the Maslow hierarchy of needs, an individual should fulfill the basic needs for reaching to the self-actualization level (Cherian and Jacob 2013). However, the other phase of Maslow hierarchy of needs suggest that other factors such as belongings, social needs and esteem are also important for reaching to the ultimate level of motivation (Qayyum 2012). Therefore, it can be said that money is important for satisfying needs of an individual; however, the other motivational tools are also important for leading the workforce towards success. As stated by Acha, Hargiss and Howard (2013), there is a huge difference between inspiration and motivation. If an employee is inspired, then he or she will be able to generate new ideas. In the other hand, Bogoviz, Vukovich and Stroiteleva (2013) mentioned that if an employee is motivated, then he or she would be able to implement that innovative idea. It defines that motivation is something that influence the workforce to give extra effort for getting successive outcome from their performance. Therefore, it is important to empower self-esteem of the workforce along with providing better remuneration. According to Ude and Coker (2012), an organization should have proper pay structure for satisfying the workforce. On the other hand, Mishra and Sinha (2014) has opposed that along with efficient pay structure, it is important to motivate the workforce with effective career opportunity. It indicates that organizations need to gain the trust of the workforce by ensuring that employees’ future growth is taken into consideration by the management.

Financial Benefits as a Motivational Tool

As mentioned by Lazaroiu (2015), recognition is a motivational tool, which helps the organization to motivate every individual employee. The term recognition defines how the management of an organization is appreciating an employee for achieving a set of objective. It is highly important to appreciate the workforce after achieving a particular objective for empowering motivational aspects. However, Solomon et al. (2012) has additionally mentioned that only appreciation is not sufficient for continues improvement of the workforce. An organization should consider extra financial benefits along with recognition in order to influence the workforce to maintain efficiency. For example, CEO of Facebook, Mark Zuckerberg appreciates the workforce for achieving short-term organizational objectives for motivating the workforce (Manzoor 2012). On the other hand, Bogoviz, Vukovich and Stroiteleva (2013) stated that adopting only financial benefit could harm self-esteem of an employee, which can reduce performance quality severely. However, Mishra and Sinha (2014) has stated that providing financial benefit empowers motivation of the workforce in short-term basis. It means a medium level organization can provide only financial benefits to the workforce for increasing business performance for short time. On the other hand, Manzoor (2012) stated that a large organization should consider long-term relationship with the workforce and therefore, a large organization should implement recognition as the primary motivation tool rather than financial benefits.

As per the viewpoint of Qayyum (2012), apart from recognition and financial benefits, a succession plan is another effective motivational tool, which can empower performance quality of the workforce. In this strategy, an organization considers future growth of the employees along with organizational benefits. In this manner, an organization engages an effective training program for empowering knowledge of the workforce. According to Cherian and Jacob (2013), this strategy not only helps the organizations to provide adequate knowledge to the workforce but also helps the workforce to improve their efficiency. For example, Apple is considering continuous knowledge growth of the workforce for motivating the employees. However, Acha, Hargiss and Howard (2013) have argued that an effective successive plan involves a monetary investment, which increases the overall organizational cost. In other words, this motivational tool is a financial benefit for the workforce; because employees are getting the professional training at free of cost. On the other hand, Ude and Coker (2012) stated that if an organization is only relying on financial benefits rather than successive plan, then it will be difficult for the company to improve performance quality of the workforce. It defines that providing an effective career opportunity is more beneficial than financial benefits. In this regards, Manzoor (2012) has stated that in this competitive era of the business environment, every organization is willing to retain their employees and therefore, every company is offering an effective remuneration structure. Considering succession plan along with financial benefit can help an organization in reducing the rate of employee turnover in an efficient manner. However, Solomon et al. (2012) has argued that providing financial benefits along with succession plan will increase company's cost remarkably. Therefore, an organization needs to choose between these two motivational tools for ensuring low cost and high profitability. On the other hand, Cherian and Jacob (2013) stated that, an effective succession plan ensure the employees that management of the organization is looking forward to the employees. Therefore, motivating the employees will be easy for the organization by implementing succession plan rather than monitory benefits.

Recognition as a Motivational Tool

According to Qayyum (2012), workforce flexibility is another motivational tool, which allows the workforce to be flexible during performing for certain objectives. It helps the workforce in achieving the organizational objectives as per their convenience. In other words, flexibility increases self-esteem of the employees in an effective manner. As mentioned by Bogoviz, Vukovich and Stroiteleva (2013), a flexible working culture improves responsibility of the employees and therefore, employees can perform in critical situation for avoiding negative outcome. The most relevant example of flexible working culture is Google working atmosphere (Lazaroiu 2015). Google is efficiently managing the workforce by implementing a flexible working culture and therefore, the workforce is highly satisfied and motivated as well. On the other hand, Manzoor (2012), has opposed that this kind of working environment is only facilitates the experienced employees. Therefore, new employees can face difficulties while working in such environment. In order to motivate the workforce, it is highly important to provide a maintained flexibility along with financial benefits. According to Qayyum (2012), a flexible working environment with high observation is the most effective motivational tool, which can empower performance quality and employee engagement of an organization. However, Ude and Coker (2012) have mentioned that apart from this motivational tool, an organization needs to provide extra financial benefits such as incentives and reward bonus.                

Conclusion

This essay is emphasizing that most of the organization are relying on financial benefits for motivating the workforce. In this essay, arguments of various authors are indicating that there are various motivational tools apart from financial benefit. When it comes to the recognition, an organization needs to appreciate the workforce for achieving an objective. Along with that, the organization should also provide fringe benefits for fulfilling basic requirements of the workforce. On the other hand, an organization should consider future development of the workforce for building an emotional relationship with the employees. In this motivational tool, an organization will be able to increase employee motivation along with employee engagement. Apart from that, instead of financial benefits, a flexible working culture can be implemented as a motivational tool. This motivational tool helps an organization to allow the workforce in enhancing their self-esteem. On the other hand, many researchers have argued that this particular motivational tool can affect the organizational sustainability negatively.

Reference list   

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Bogoviz, A.V., Vukovich, G.G.E. and Stroiteleva, T.G.E., 2013. Motivation of staff in the corporate sector industry. World applied sciences journal, 25(10), pp.1423-1428

Chauhan, A., Goel, M. and Arora, R.G., 2014. A review on factors influencing employee motivation. EXCEL International Journal of Multidisciplinary Management Studies, 4(2), pp.128-143

Cherian, J. and Jacob, J., 2013. Impact of self efficacy on motivation and performance of employees. International Journal of Business and Management, 8(14), p.80

Lazaroiu, G., 2015. Employee Motivation and Job Performance. Linguistic and Philosophical Investigations, 14, p.97

Manzoor, Q.A., 2012. Impact of employees motivation on organizational effectiveness. Business management and strategy, 3(1), p.1

Mishra, T. and Sinha, S., 2014. Employee motivation as a tool to implement internal marketing. International Journal of Commerce, Business and Management, 3(5)

Qayyum, A., 2012. An empirical analysis of employee motivation and the role of demographics: the banking industry of Pakistan. Global Business and Management Research, 4(1), p.1

Solomon, O., Hashim, N.H., Mehdi, Z.B. and Ajagbe, A.M., 2012. Employee motivation and organizational performance in multinational companies: A study of Cadbury Nigeria Plc. IRACST-International Journal of Research in Management & Technology (IJRMT), 2(3), pp.303-312

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