Why Money Isnt the Best Motivator - Essay Example

Money is not the best motivator because employees have different personalities and not all of them consider money as a yardstick for motivation. The chapter on ‘individual differences’ explains the two types of individual differences i.e. personality and ability differences. Understanding the nature and determinants, and consequences of these individual differences are important in determining which motivational factors are important for different people. Due to individual differences, applying for money as a key motivator and ignoring other methods of motivation doesn’t yield positive results all the time. This is because while money may motivate some individuals according to their preferences, it may leave others out especially if they are motivated by other factors such as power and autonomy. As such, managers must understand the different personality types of the employees (George & Jones, 4). Since personality is more permanent and hence difficult to change, they should embrace the different employee personalities and develop them by considering the most important motivational factors to each employee.
There are five personality traits that may dictate what an individual considers as the best motivational factors. These traits include extraversion, neuroticism, agreeableness, consciousness and openness. These traits result in individual differences that make individuals unique, making money an insufficient motivational factor for all individuals in an organization. Other personality traits related to organizational behavior include locus of control, self-monitoring and need for achievement. Individuals with a personality trait of locus of control may be motivated better by increasing his span of control and supervision (George &Jones, 8). The person with a need for achievement will be motivated by availing a challenging work environment where they can solve problems successfully. Yet the person with a need for affiliation is motivated when he interacts and networks more, and maintains healthy relationships. Therefore, focusing solely on money as a motivation factor leaves out people who are motivated by factors other than money.
Most employees in an organization despite their individual differences work hard to acquire higher status. Organizations assume that promotion is the only way to elevate a person’s status. However, there are other non-monetary methods to achieve the same objectives such as recognition of a person’s daily achievement and developing an employee’s personality. For example, managers should take time to understand individual differences, embrace them and develop them so that all individuals feel valued and their differences appreciated. This practice will have a longer motivational factor effect than money George &Jones, 12). Additionally, it will increase productivity since individuals will feel free to use their personality traits and creativity for the benefit of the organization. Therefore, embracing and developing different personality traits is more beneficial because it addresses the needs of everyone in an organization.
Developing personality traits has a long-lasting motivational effect than money. Read More