There is no doubt that for any rationale being, especially when they are behaving like a sensible employee of any organization, motivation plays an important role. The motivation may be of different types, for example, ‘intrinsic motivation’ and ‘extrinsic motivation’. The intrinsic motivation is something where internal desires reflect the on-going motivation process inside employees. The employee is having knowledge with its inherent behavior. The extrinsic motivation is influenced by what other employees do and what is co-related to the organization as a external nature.
There is always a debate on the question whether man is the master of money or money is the master of man? Most probably, the first one is correct. Marczewski (2019) It is used in this context because for the employee performance certain reward management steps are taken to sort the problem that arises in the organization. It is man who has created the money, and then who should guide whom? It is man that is employee to guide their money. So, the present assignment mainly focuses on the aspect that money sometime is reward able management process and sometimes it is not. What money can do and cannot do is explained in the book entitled How to show employees the money, written by Aguinis and Gottfredsonet.
There is widely acclaimed position regarding the monetary values and it is that what monetary values can provide is the cost of standard of living. Suppose Mr. X and Mr. Y have been chosen as the best employee in the company, say Google. Then, the reward management definitely has a positive impact and it looks to following grounds:
Life giving process
Basic pay and
These are seven things that are being done as a work for the employee motivation where money has a positive sideline and effect on the employee performance. So, money can bring short-term incentives that can be used by the individual to sort out basic needs and problems associated with it. The empirical evidence documents shows that a monetary reward that is money is the powerful ‘agent’ of motivation, but with this there is something that is missing. It is the need to find and sort out.
According to Locke, Feren, Denny found that when introduction of the 30% monetary incentives are introduced in the company then the employee performance gets increased with this. There is the both need and change that is applied here. Following observation regarding monetary or money should be kept in mind like:
Working status of employee
Therefore, from above point the determination is the major factor and when an individual gets the time to determine the performance, then one surely works for best of the company that will too boost other employees.
Money is not a motivator all the time, considering factor that money never makes any improvement in the job relevant essential things. For example, if one is going to apply for the job of the branch manager, then it is necessary that there should be applicability of some talents and skills that are much needed. Without this talent, nothing can be done. It is the case when some new employee is to be recruited in the selection process. But, when employee already is working in the company, and he do not possess the company’s performance then it is highly required to test the skills. The company is not going to run merely with monetary policies that could be even to those who lack skill. Here theory of KSA will not be applicable, KSA means knowledge, skills and ability. Mardan (2018) Even talent is also the part of it. Money cannot bring skills and develop the talent to the individual. It should however be stated that skills and talent are some precious qualities that are inherent in nature and none can buy it from anyone. Suppose, when Mr. X is gold medalist in mechanical engineering then he supposed to be major occupier of the place in the company.
Money is also not a motivator in the sense that when the performance is kept in balance, then monetary measures at one hand keeps the changes as it is and at other hand, there is a change with respect to motivational thoughts. The emotions will run as according to it. When one has the skill, then one occupies a right position. Hsieh (2018) Even a reward is made to the other person, but the deserving candidate cannot be over stage in respect of first one. Therefore, money is not always the major contributor to the company and individual’s performance. If there is any organization and the primary function of the organization is that with monetary rewards the company is fulfilling the desires of the candidates or employees, then it will spent a huge amount of money. In the recent trends, may psychologists working at the different company have released their report and they have found that 40 per cent of the employees are satisfied with the reward management. But, they do not seek to attain any experience which will boost them. Following three makes money not a motivator:
Knowledge is the first factor where innate qualities of human being are assessed by the recruiters in the company. When they see that one person is working with deep and intensive nature then primary focus need to be made on man who is working hard. So, this knowledge when combines with hard work plays a significant role. The primary function of this fact is that knowledge should be given top priority. It is this knowledge that can’t buy from money, so there is no question of money making motivation to the employee.
Skills are another form of important aspect that differentiates the money should be there or not. In recent times, the studies as proposed by various psychologists in US and Britain have come to the conclusion that skills are the first thing that is given priority. For example, the first priority should be given to number of reasons to skills. For example, a skilled man in the company is able to serve with quality work. In case, non-skilled man who was awarded money occupies the place of former then situation will be worse and the company can’t get product and output as desired.
Ability is the next thing that is needed to be focused. When being an able employee you are sideline by manager and other directors of the company, and monetary assistance as a reward is given to some other individual then one should be able to understand that money cannot buy the ability of the individual to work with. The hard working and diligent people, says psychologists, have firm faith to their hard-work and they do not leave any tasks easily. So, the most important contributing factor in this is working hard that paves the way.
Money is not as a reward because one cannot buy the skill in any way. If one is searching for the skill, then the right place is that there should be importance to be given to the skills and the abilities. When any learned man supposes is part of the company or organization, although he not gets any rewards in terms of bonuses and costs, yet this person is the major player in the organization. But, in case when the support and rewards of monetary in nature is given to less technical minded man, then it values nothing. In this way, it can be said that money is not always the motivator.
Any organization is effectively run and known in the ‘business world’ with way it serves for the best to its customers. The impacts of money as a motivator may be there if skilled and able man is denial the status to take participate in the important events. So, from this it is known that money cannot run the business alone, because there are tangible objects that cannot be brought from the money which includes talent, skill and emotions. The emotions have linked with talent. Lubarsky, French, Gitlow, Rosen and Ullmann (2019) So, talent is very important thin g that determines the major and crucial role in the development of the motivation to the employees working in an organization.
From the above points, it is clearly mentioned that in any organization employee cannot be slave of rewards that is monetary in nature. It is good to have monetary motivation to the employee to increase their performance. But, the sole thing is that there should not be any negative consequences that money has. In this way, merits and demerits are clearly identified in this essay. So, with major researchers and psychologists, it can be concluded that there are various other things that depicts how the real organizations are now a day giving priority to the skill management. This management has occupied greater place. Therefore, when skill and talent management with hard-work is made applicable in the company, then company does well so.
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Lubarsky, D.A., French, M.T., Gitlow, H.S., Rosen, L.F. and Ullmann, S.G., 2019. Why Money Alone Can’t (Always)“Nudge” PhysiciansThe Role of Behavioral Economics in the Design of Physician Incentives. Anesthesiology: The Journal of the American Society of Anesthesiologists, 130(1), pp.154-170.
Marczewski, A., 2019. Introduction to Gamification Part 4: Motivation (RAMP, Maslow, SDT and more).
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