Questions: Taylor argued that employees are like machines, their only or principal motivation is pay. Is financial reward the only motivator for bankers? Draw on wider theories/concepts to consider whether Taylor’s argument is still relevant to understanding employee motivation
Taylor believed that employees are motivated by financial reward and will surrender to autonomy. It is believed that financial reward is not the only motivator for bankers although bankers may work for any bank which offered the highest bonus to them.
Bankers’ behaviours may base on intrinsic motivation, which is a self-motivation, but not only extinsic motivation. They may motivated by desired outcomes or goals because of a challenging goal could lead to higher levels of performance. Furthermore, bankers may motivated by hierachy of needs (Maslow, 1943). With satisfaction of physiological needs, job safety and social needs, they may want to achieve higher self-esteem and even self-actualization.
Firstly, bankers may receive different feedbacks from customers. Positive feedbacks and satisfaction of customers may give them a higher self-esteem. Secondly if bankers are working for banks with good reputation, they may also become more self-confident as they have a job with high status. In addition, promotion of job may also lead the bankers to earn a higher self-esteem. Besides, bankers may even want to reach the level of self-actualization, which is motivated to realize their full potential and seek their personal growth from working in bank.
In conclusion, although bankers may shift their jobs according to the payment offered by different companies from time to time. It is believed that, bankers are also motivated by hierarchy of needs and different intrinsic motivations but not only motivated by financial reward, so Taylor’s argument may not relevant to understand current employee motivation.