Motivation is defined as the processes or drives that cause people to move in a certain way. Motivated employees results in improve efficieny, increased productivity and enhancement of quality. Thus, motivating the employees is of extreme meaning in a business endeavour to achieve mastery and gain a competitive edge.
Business seek to motivate their employees by financial and non-financial factors.
Motivation depends on a persons interest, experiences, wants and attitudes towards life.hence, different people atomic number 18 motivated by different factors. In todays world everybody require money to fill up their materialistic subscribes and wants.
Money is also need for other puporses like medical treatment, childrens education,etc. Moreover, money is also substantial after retirement and for security. Thus, money cigarette be seen as the only factor that motivates an employee. This is consistent with F.W. Taylors motivational theory. He believed that - a comme il faut days wage for a fair days work i.e. a high-priced salary for obedient performance is motivating. However, his theory is based on research on workers which belong to the lower socio economic group. This groups major problem is scarcity of money. Thus, his theory is effective for motivating these people.
It is adjust that money is the pre-requisites for survival on this earth. Still, money can satisfy only the extrinsic needs.
As it is said Money can by everything but not internal happiness. Maslow, a theoretician considers money as only a basic need and has it on the base of his pyramid of hierarchy of needs. He believes that as money - basic need is satisfied an employee needs high order needs for motivation.His hierarchy of needs priortises self-actualisation consisting of recognition of work, office etc. as higher order needs. credit rating of good work is the pivotal pillar in motivating employees. Recognition of work brings an internal satisfaction...
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