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Recent events in the banking sector have brought the issue of bonus payments into the spotlight. With reference to appropriate motivation theories, critically evaluate the statement the money motivates"

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Introduction

Essay Question: Recent events in the banking sector have brought the issue of bonus payments into the spotlight. With reference to appropriate motivation theories, critically evaluate the statement the ?money motivates?. Writing One of the most crucial features of a successful manager is the capacity to fulfill the continuously changing needs of employees and organizations. The organization always anticipates its employees to follow the regulations and have the highest performance at work. Besides, the employees also expect a good working condition, highly promotional opportunities and career secure involved in its decisions. Therefore, in order to reach the organizational approach, the manager need to perceive the key factors enhancing the workforce?s efficiency. In the other words, the understanding the employees? work motivation is the basic requirement for the success of a company. However, it?s rather difficult for the manager in this competitive world to fairly motivate the employment for their best attempts. The common method applied by most of companies today is to provide the suitable rewards to people who have the best achievement. These rewards can be the position promotion, the salary appraisal and the extra bonus on payment. Money, apparently, becomes the common measure to assess how effectively they work. ...read more.

Middle

Hygiene factors, which consist of salary, job security, interpersonal relationships and working conditions can play crucial role to prevent the employment from being stress and dissatisfied at work for higher achievement, thus they might not completely give every individual satisfaction. In his term, salary or money is considered as a hygiene factor. Herzberg assumes that a low salary makes the employment feel discouraged and have no inspiration to achieve more; however, even giving them the higher payment also cannot satisfy them and motivate them at workplace. The explanation given for this situation is these hygiene factors including money, organizational policies, working conditions or interpersonal relationships are not directly related to the job itself, but related to the working environment surrounding workplace. According to Herzberg?s the study, these factors might results in job ? related dissatisfaction when not satisfied or just prevent these dissatisfaction when satisfied (Herzberg, 1971; Herzberg, Mausner, & Bloch Snyderman, 2005). However, Herzberg?s two - factor theory also caused the controversy by most business and employees (Dawson P.P, 1985). Money as salary and pay is criticized as the most confusing factor in his theory, because it provides the means for meeting lower-order needs ? ability to afford the daily needs? human beings: food, clothing and shelter and also provides a quantitative index which can be applied to measure the job performance at work: achievement, recognition and advancement. ...read more.

Conclusion

Furthermore, the implementation of payment and bonus support also help the organization to discriminate between the high and low performers to have suitable managing strategy to encourage their working ability. Reference 1. A Dictionary of Business and Management. Ed. Jonathan Law. Oxford University Press, 2009. Oxford Reference Online. Oxford University Press. Aston University. 7 January 2012 2. American Society for Training and Development. ?Companies won?t boost performance by offering rewards, says Author?, National Report on Human Resources, 1994, p. 3) 3. Dawson, P.P., Fundamentals of Organizational Behavior: An Experiential Approach, Prentice Hall, Englewood Cliffs, N.J., 1985 4. Ephraim R. McLean, Stanley J.Smits, John R. Tanner., ?The importance of salary on job and career attitudes of information systems professionals? ., Information & Management 30 (1996) P. 291 ? 299. 5. Herzberg, F. Mausner, B., and Snyderman, B.B., The Motivation to Work, 2nd edition., Wiley, New York, N.Y., 1959 6. Christine Lundberg., Anna Gudmundsion., Tommy D. Anderson., Herzberg?s Two ? Factor Theory of work motivation tested empirically on seasonal workers in hospitality and tourism., Tourism Management 30 (2009)., P. 890 ? 899. 7. Pinder, C. C. (1998). Work motivation in organizational behavior. USA: Prentice Hall Reference 1. "" A Dictionary of Business and Management. Ed. Jonathan Law. Oxford University Press, 2009. Oxford Reference Online. Oxford University Press. Aston University. 7 January 2012 <http://www.oxfordreference.com/views/ENTRY.html?subview=Main&entry=t18.e4203> Pinder, C. C. (1998). Work motivation in organizational behaviour. USA: Prentice Hall. ...read more.

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