Money plays a significant part in motivating human resource, as far as motivation factor is concerned, that too in the office. It is only the demand for the money which makes people work, whereas quantity doesn’t matter, but it is THE encouraging factor. If there are plethora and more than sufficient cash, anyone would hardly want to work.
In contrast, Money is not the only motivation for work, because there are people who spend innumerable hours working in fields like teachers, who are not paid almost what they are worth. When you opt a career, the first criterion for the selection is that one must love their work, or else, you will be unhappy.
People are also motivated by having autonomy, but more money doesn’t often equal greater perceived freedom. You usually have to give up independence to raise the compensation ladder.
Similarly, feelings of relatedness and equality are motivators. They are determined more by casual interactions, social networks and daily perceptions than by money or regular promotions.
This is not to propose that money doesn’t motivate. Indeed it encourages self-serving materialism. But those who rely on money as their sole or primary motivator are on unsafe territory, mainly if they ignore other more powerful and emotional sources of human motivation.
Motivation is the way to get the most out of your employees. Understand that each employee has unique driving forces. Some work for advancement, others do enough to stay employed. Whatever the reason, focus on the motivating factors of your employees and you will help them work to their potential.
Not all employees are working their dream jobs. They work to stop the consequences of job loss.
Goal-oriented employees work to go forward in careers. They want the money and recognition that comes with high-level positions.
People who love their jobs often transform that passion into success. Goals are not as important as the work itself
A robust and employee-friendly culture can overcome the lack of other motivating factors. Start with a clean, pleasant work environment to make employees comfortable.
Your motivation to achieve is ultimately based on earning a living that brings you tremendous joy and satisfaction.
A lot of people are provoked by monetary incentives because this is something tangible. The realities of life, housing expenses, food, transportation, health insurance, etc. require that you make money. Therefore this is the primary driver. For many people, success is defined by income levels, hence the higher the income, the more successful you are. Some people see higher wages are a way to improve their quality of life.
While constancy is more critical, primarily if you have family responsibilities. Having a high paying salary job that will not help you to take care of your responsibilities in the long term. Another aspect that is very important to people: Purpose, Stability, Benefits, Socialization, Happiness. Morals and principles will establish success in the work surroundings, not the amount of money they make.
"Service to others is the fee you pay for your time on earth."
Author: Malik Noureed Awan