ARE EMPLOYEES PRIMARILY MOTIVATED BY MONEY?
If we lived in an ideal world, all the jobs we know of would be interesting and challenging at the same time. Everyone would enjoy and love their work. But we do not live in an ideal world and people mostly think of their own self interests. How much people should earn has continually being a question that most researchers and individuals are still trying to answer. The fact of the matter is it is difficult to quote correctly the ideal salary if the available resources were unlimited. Most people think that better pay motivates performance (Chamorro-premuzic, 2013) page 1, paragraph 1.
Different views have been brought up on the relationship between salary and job satisfaction. However, in today’s world, most employees do not work for satisfaction but they the amount of money they earn at the end of the month gives them the reason to wake up each early morning and go to work.
Counter Argument Against
Pay alone is not sufficient as a motivational tool. Research has shown that the relationship between job satisfaction and salary is very weak. This is according to a Meta analysis conducted by Tim Judge and his colleagues. The research showed that people are not only interested in higher pay so as to feel appreciated but other rewards like promotions are also very important (Chamorro-premuzic, 2013) page 1, paragraph 2.
Counter Argument For
As discussed in the article, the fact that most of us are motivated by money is inevitable. Money actually matters as it has numerous symbolic meanings that everyone dreams of. More money means that we are able to buy bigger houses, own better cars and dress in the most recent trends. More importantly, money increases our visibility, respect and status in the society (Gupta & Shaw, 1998) page 2, paragraph 1. Taking an ideal modern day in an organization, activities that are rewarded are often repeated. Managers link money rewards to the activities that are relevant and profitable to the organization. Employees are aware of this and therefore they tend to pay more attention to the activities that are rewarded and ignore the ones that are not (Gupta & Shaw, 1998) page 2, paragraph 2. It is therefore evident that money motivates by showing the employees what is valued in the organization. These financial incentives are associated with higher performance as they encourage healthy competition among the employees (Gupta & Shaw, 1998) page 2, paragraph 4.
Questions have been raised as to whether most employees are motivated by money. It is however evident that non financial incentive is important but the precise and primary motivation to most employees is the money.
Chamorro-premuzic, T. (2013). Does Moner Really Affect Motivation? A Review of Research. Havard Business Review.