Motivation is considered as an important aspect on which the company should focus so that employee relations can be maintained. It has been examined that employees are involved in making more money nowadays. It has been seen that they are attracted towards the organizations where high packages are offered to them. For growth and success of an organization, motivated and productive employees are necessary as they play a crucial role. Company concentrates and recruits only those people who are dedicated and efficient in their work (Argyris, 2017).
In this research paper, the Importance and Role of monetary rewards in developing effective bond with the employees will be discussed. Organizational theories will also be considered to understand that how employees get motivated by financial rewards. Evaluation of the pros and cons of the monetary rewards will also be done.
It has also been examined that competition level has been raised in the current situation and to survive in this competitive world organizations motivate their employees so that they can work effectively and give their best towards the activities of the organization. It has been seen that employees are not able to achieve their organizational goals if they are not motivated properly. Several theories that are related to organizational behavior are considered by the management of companies. This can lead to positive impact on the growth of an organization as well as employees motivation level (Leary and Baumeister, 2017).
Behavior of the people working within an organization also gets affected positively. It has been examined that monetary and non-monetary rewards are provided to the employees by human resource management for their better working within an organization. Employees are provided these rewards to build effective relations within an organization. It is very necessary to conduct programs which focus on the aspects that are related to retention and motivation of the employees within an organization.
Employees performing several activities should be motivated for better working within an organization. If they do not possess motivation then it leads to negative impact on an organization. Some of the factors that get affected are productivity and growth. It also becomes difficult to accomplish certain goals of an organization. Management should know how to motivate an employee. There are several companies’ that evaluate performance of an employee and accordingly provide rewards to them. In analyzing the motivation factor hierarchy of needs theory is helpful for a company. This theory was developed by Abraham Maslow. Need of the employees according to this theory are divided into five categories that are Physiological, safety, belonging, esteem and self-actualization. This theory was mainly developed for the motivation of the employees by examining their needs and requirements. Satisfaction level of an employee towards their job can also be improved by satisfying their needs and wants. It has also been observed that for a low-level worker there are physiological needs that should be satisfied with the help of rewards like increase in salary, bonus and fringe benefits.
The workers belonging to middle and top-level category gets motivated by rewards such as recognition, praise and sense of achievement. In motivating the employees money plays a crucial role. Mostly employees having good salary are satisfied with their job and also have effective relation with the management. It is necessary to create a positive environment within an organization and it can be done by improving the satisfaction level of the employees (Olafsen et al., 2015).
By examining several researches, it can be said that to motivate employees in the workplace money is considered as one of the best ways. It has been considered that people having decent earning have decent standard of living. But it has been observed that employee can only be motivated for a short period of time by money. Motivation of an employee that last long is necessary. Some of the factors by which an employee can get motivated for a longer run are positive environment within an organization and also the activities allocated should improve the level of satisfaction towards the job (Miner, 2015).
One of the popular theories was introduced by Frederick Herzberg. The theory was named as “two factor theory”. It has been analyzed that this concept focuses on maximizing the overall motivation level of the employees. In this theory there are two factors one is related to motivators and second is related to hygiene factors. It can be analyzed that employees can be not satisfied in context to the assigned activities when policies are implemented and basic salary when offered. If hygiene factor is taken into consideration it has been seen that level of satisfaction is important part. By considering this theory, it has been examined that monetary rewards should be given to workers so that they can be motivated towards the organizational operations. It has been seen that satisfier can help to maintain the relation with the other workers which create positive impact in the workplace. So, it can be seen that monetary rewards can help to motivate the people and also it focuses on managing the retention of the employees in the companies (Wang, Noe and Wang, 2014).
If monetary rewards are taken into consideration it has been analyzed that there are many disadvantages which are concerned to it. In the organization there are workers who are dissatisfied with the policies and with the basic salary which is offered. So, it can be stated that the people who are efficient towards work can be employed anywhere but culture also plays an important role to enhance the overall efficiency level of the employees. Motivation is also the factor which can be enhanced with the culture of the organization (Bullock, Stritch and Rainey, 2015).
To motivate the employee’s culture should be considered so that working can take place in a smooth manner. In the workplace no employees want to see the growth of other, there also exists a jealously factor which is important to be minimized so that behavior of the employees can also be maintained. When other workers earn incentives it enhance the jealously factor in the other employees and through this environment of the company can also be affected. Through this the negative feeling can be enhanced of the people. Therefore, pros and cons are seen by focusing on these factors. It is important to manage the entire operations so that company can achieve success easily and it can also be done by focusing on the wants of the individuals (Kvaløy, Nieken and Schöttner, 2015).
Therefore, it has been seen that top management of the company should focus on the needs of the employees so that motivation factor can be enhanced of the people. The performance level is also important to be considered so that maximization of the profits can be done. Therefore, it is essential for the top management to emphasize on the theories related to organization. By focusing on the entire performance of the employees in context to the workplace activities, rewards should be given to the workers.
Expectancy theory is also one of the theory on which the managers should give focus so that needs and wants of the customers can be analyzed. It has been seen that monetary incentives are important for the employees but to satisfy the needs and wants it also one of the factor in which focus should be given. It has been seen that if needs and wants of the customers are satisfied then it can be simple for the employees to give their best towards the activities that are assigned in the workplace. Therefore, the emphasis should be on the managers so that level of motivation can be managed and also performance can be take place in the right direction. If employees are giving best then it directly impact on the growth of the company (Sessa and London, 2015). The company can easily grow in the competitive market if employees are efficient towards work. So, if employees have the duty to perform their best then it is the responsibility of the company to enhance the motivation level by offering monetary as well as non-monetary benefits to the employees so that employees can be happy and satisfied.
So, by analyzing the paper it has been concluded that motivation is important for the employees and it can be done with monetary and non-monetary benefits. It is recommended that company should emphasize on the organizational theories and try to maximize the satisfaction level of the employees so that they can be happy towards the activities assigned to them. Employee relations can also be maintained with proper motivation.
References
Argyris, C., 2017. Integrating the Individual and the Organization. Routledge.
Bullock, J.B., Stritch, J.M. and Rainey, H.G., 2015. International comparison of public and private employees’ work motives, attitudes, and perceived rewards. Public Administration Review, 75(3), pp.479-489.
Kvaløy, O., Nieken, P. and Schöttner, A., 2015. Hidden benefits of reward: A field experiment on motivation and monetary incentives. European Economic Review, 76, pp.188-199.
Leary, M.R. and Baumeister, R.F., 2017. The need to belong: Desire for interpersonal attachments as a fundamental human motivation. In Interpersonal Development (pp. 57-89). Routledge.
Miner, J.B., 2015. Organizational behavior 1: Essential theories of motivation and leadership. Routledge.
Olafsen, A.H., Halvari, H., Forest, J. and Deci, E.L., 2015. Show them the money? The role of pay, managerial need support, and justice in a self?determination theory model of intrinsic work motivation. Scandinavian journal of psychology, 56(4), pp.447-457.
Sessa, V.I. and London, M., 2015. Continuous learning in organizations: Individual, group, and organizational perspectives. Psychology Press.
Wang, S., Noe, R.A. and Wang, Z.M., 2014. Motivating knowledge sharing in knowledge management systems: A quasi–field experiment. Journal of Management, 40(4), pp.978-1009.
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