Financial Methods of Motivation Are the Best Way to Motivate All Workers

Topics: Maslow's hierarchy of needs, Motivation, Bank Pages: 3 (803 words) Published: August 29, 2011
Financial methods of motivation are the best way to motivate all workers

It has several methods to motivate people to work hard in companies. These methods can be divided into two groups: financial methods and non-financial methods. Financial methods include commission, bonus, profit sharing and the like. Non-financial methods mean other ways to encourage employees without money, such as a better working environment, friendly colleagues and respect from the boss. Nowadays, an increasingly number of companies pays attention to the ways which can stimulate people. Some people think that financial methods are the best way to motivate all workers. However, financial methods of motivation are not always the most suitable way to motivate workers, and moreover not all workers. It depends on the working environment which each worker finds. This essay will first explain that money is useful to some people, and then extent to that other ways to encourage people will be examined by looking at some examples.

Admittedly, financial methods are the best way to motivate some workers. Firstly, workers whose basic needs for food and shelter are not met. As Maslow’s theory, their “physiological needs” cannot be met. So they just need money. For example, people working for developing countries who get low pay in factories or agriculture. They do the same work for a long time but only make little money. Money becomes the most essential thing for them. Secondly, workers whose prime interest is getting high salaries and bonuses also can be motivated by financial methods. Worker in corporate business such as a banker is the best example. While they do more researches on economics or statistics, they may get a rich bonus. No bankers will refuse to work hard with abundant money. Because no work, no bonus. Another group people who focus on money are workers whose payment is related to commission, like salesmen.”A salesperson, for example, may be paid entirely on the basis of their...

Bibliography: Chambers, I. and Gray, D, eds. (2008). Business Studies. 4th Edition. Harlow: Pearson Education- Units 66-68.
Henley, J. (16/03/2010). Is John Lewis the best company in Britain to work for? Viewed 14/08/2011
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