Is Money the Only Motivator?

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Is Money the Only Motivator?

By | December 2011
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While money is most favorably ranked among motivational factor in the workplace, research now suggests that other motivating factors are gaining equal importance in context to motivational theories. Findings reveal that challenging work and worker appreciation are equally as significant to improved employee motivation as cash rewards. At one time, money was viewed as the most powerful productivity motivator. What perhaps has now changed the thinking about employee’s motivation was researched in the article “A Little Appreciation Goes A Long Way” by Joe Schumacher, Training program director with the Office of Personnel Management, Management Development in West, Aurora, CO. In the article, Mr. Schumacher found that workers were motivated not solely by money but that there were other factors that were equally as significant in value and motivation. This supplemental article supports the cover article titled “Why Cash Doesn’t Motivate” by Lorri Freifeid (2011) the article suggests that while money can motivate, it is only able to motivate to a certain extent and a only for a short time. Discovering what make employees charged or motivated has been an ongoing study for many years. Theorists have provided a number of approaches that have aided us in understanding the concept of motivation. Some of those approaches include Maslow’s hierarchy- needs theory, Alderfer’s hierarchy theory of needs, McClelland’s theory of needs; along with approaches such as the Herzberg’s two- factory and the Skinner theory of reinforcement just to name a few. In the article, Schumacher refers to the Maslow’s hierarchy of need theory, when he suggest that workers over the past decade are shifting their attention more up the list of Maslow’s hierarchy of needs(p.18) The author noted that in today’s workforce workers value intrinsic rewards which lead to meaningful, creative and independent work, far more than the traditional elements of workforce prestige (2001, p.18) In his research...

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