academic and professional skills

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Academic and professional
skills

Table of Content
 Introduction
 Advantages of financial motivation:
 Why does financial motivation work
 Example
 Why do employer/employee favorthis method
Conclusion
References

Introduction
Motivation is very crucial for every individual in organization as it
gives valuable insights about the way individual goals are set and
the strive for achievement of a particular laid objective (Sevisari,
2019). Employees may become demotivated because of lack of
appreciation, lack of clarity or unfair practices at workplace.

Two main the advantages of financial
motivation

When employees are motivated then there is :
 Higher productivity level
 lower level of absenteeism
 lower staff turnover
 higher reputation and stronger recruitment in the
organisation

Advantages of financial motivation
Monetary incentives are required for achievement of short term objectives of
the business so that there can be enhancement of productivity and no
problematic behaviour of employees.
Incentive scheme leads to improvement of employee attitude towards
organisation and reduction of workplace conflicts between employer &
employee.

Why does financial motivation work?
Financial motivation works when there is timely financial
incentives that are adhered to employee for motivating them.
They are very helpful in increasing the short term productivity of
employees and their overall level of morale.
There is decrease in employee turnover with higher job satisfaction.

Example
Examples: Reward programs at TESCO is based on Taylor's theory where there
are different types of financial reward packages that are acting as a
motivating factor (Rewards and Benefits, 2020). The money is considered as
a biggest motivation in this organization by the management. There has been
pay increase as one of the financial motivation staregy that has been adopted
by TESCO in order to achieve a wider market share.

Why employers/employees favour this
method?
Employer prefer financial motivation because:
Greater sense of employment empowerment (Employee Empowerment: Are You
Doing it Right, 2020).
 There is higher business revenue and higher level of productivity
 There is decreasing turnover and high job satisfaction
 Better recruitment opportunities

Conclusion
From the above discussed aspects it can be said that there are different
perspectives of motivation that includes financial and non financial
motivation that can be used by employers according to their
requirement.

References
What Are the Advantages & Disadvantages of Using Money to
Motivate Employees?, 2018[online], Available at
https://bizfluent.com/info-12078441-advantages-disadvantages-
using-money-motivate-employees.html
Employee Empowerment: Are You Doing it Right, 2020[online],
Available at<
https://blog.vantagecircle.com/employee-empowerment/>
Rewards and Benefits, 2020[online], Available
at<https://www.tescounderwriting.com/join-us/benefits-
rewards/>

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