Money as a motivating factor - Essay Example

Money as a motivating factor Employees can be motivated in a number of ways and money is one of the major ways ofmotivating them. Money does not only motivate them to take a step forward in their responsibilities but also maintains an augmented productivity level. There are several advantages of using money as a motivating factor amongst the employees. Money may be used as a motivating factor across a wide range of businesses. Everyone wants to have more money or to be rich because money can be used to do many things.

Giving workers more pay means that the workers will be motivated to perform their duties efficiently. Another benefit of using money as a motivating factor is that the business has more options of how they use it. These options may include cash rewards, gift certificates, commission to pay and bonuses and all these can get the workers to target better goals. Additionally, businesses have the option of changing it depending on the precise objective in mind such that cash may not always be the preferable way that money is used to motivate.

Sometimes it may work as augmented benefits such as medical allowances that can save the employee from paying extra bills. Money can motivate the lowest grade workers to the chief executive officer. This is another discrete benefit of using it as a motivating factor since it appeals to all levels of staff. Employees who earn little cash may be motivated by any meager increment in their salaries. However, companies ought to have a limit in using money as a motivating factor because employees may begin to think that money is more important than anything else in the company.