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Money as a Motivator for Employees - Merlin

   

Added on  2020-01-07

2 Pages662 Words170 Views
To what extent is money a motivator for employees?In corporate language, we use the term “compensation” for money. Eachemployee is pulled up to a company through this, as it is one of the basicnecessities to have good standard of living. Money these days has been agreat motivator for employees. But as the saying says, it doesn’t how muchyou have, what matter is to understand the value of it. In a corporateenvironment, perks and benefits in form of cash or bonus is provided.Voluntary works leading to extra compensation drive employees to workharder and more in a smarter way. Employee always sees for recognition inthe firm, there could be ways to do that. One simple way is through workingharder and smarter and getting rewarded to it – reward if linked to cashincentives would augment and boost motivation, making employee moreattuned towards work. Second way could be recognition – each blue-collarworker wants to be appreciated and praised for the contribution he is doingtowards the organization. Organizations across the globe adopt different waysto motivate employees. To cite an example, Merlin – one of the top-notchentertainment company gives recognition to people who ‘go the extra mile”.Instant cash awards and certificates are distributed to each. Implementingthis, they noticed that employees strive to work hard and a sense of earningrecognition and “go the extra mile” is there (White, 2015). This ultimatelyenhanced and augmented the productivity of organization. Each person worksto have the basic standard of living and money serves its purpose. So, this isbut obvious employees will tend to lean towards money giving boost to theirmotivation. Hops between companies are majorly because of money orcompensation being offered more in the new company. But, this motivator hasits demerits too – if someone is praised or appreciated or rewarded with cashincentives, the other employee receiving less will in a course of time, feeldemotivated (Armstrong, 2002). Creative and innovative strategies shouldbe adopted by organizations to make money as the motivator. Concerningthis, organization should adopt “carrot and the stick” theory. To lureemployees, carrot should be shown but at the same time stick should also bethere so as to know that trust by the organization towards employees has tobe carried ahead in long run. The poor performance has its drawback, this

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