¶ … money and recognition are important motivators for employees.
There are a number of job-related factors due to which employees are and can be motivated. This is the reason why efficient managers always think about the needs of the employees and then plan and provide the proper motivation strategies accordingly. This is exceedingly important as a workforce that is motivated may eventually profit the organization by contributing in a positive and powerful manner. Thus, it is really necessary to motivate the employees by both money and recognition as the absence of any of the two motivational factors may result in employee dissatisfaction.
Importance of Money and Recognition to Employees
According to Jack Welch, CEO of General Electric, "You have to get rewarded in the soul and the wallet" (as qtd. In Neff 2002). It simply means that companies must not consider it enough to pay ample money to their workers believing that they will do great work as a pay off. It is equally important that the employees are empowered by the companies. A combination of empowerment and proper incentives can boost employee performance to great levels. A successful organization is one where employees are motivated and their psychology is understood properly. It is one of the major characteristic of a dynamic company that it considers it a top priority to motivate its employees and let them be satisfied with their jobs. It is due to the fact that the bottom line is always improved by employees who are satisfied with the incentives and satisfaction provided to them at the work place. Such employees put their efforts in a more efficient way as they know their value to the success of the business/company (Neff 2002).
It must be the ultimate goal of every company to offer such an environment to their employees where they are offered incentive programs in the form of handsome salary packages and other financial benefits including bonus etc. People must be reimbursed generously for the quality work they do for their employers and the organization. However, along with the monetary awards, it is also necessary to recognize the honest and excellent accomplishments of people for their organization. Monetary benefits are, without a doubt, an exceptional motivational factor but in the long-term, they are not enough if an employee is not recognized for the work he does. If truth be told, a lot of tenured employees tend to leave their jobs if there is a lack of appreciation from the employers. For this reason, it turns out as an essential step for the companies to create a working environment where employees are not only paid well but their efforts for the company are also recognized (Neff 2002).
As far as money is concerned, the best approach is to evaluate the performance of employees in a timely manner. It is only then possible to pay the employees for their performance at the right time. Most of the salary systems are criticized for being inflexible in rewarding the employees differently according to their levels. However, it is exceedingly imperative for the employers to understand that in order to motivate employees positively, such salary systems are devised that offer equal reimbursement increases and of course or increases according to the performance levels of the employees. It is, therefore, the key of being a successful organization that employees are given timely feedback and then rewarded appropriately along with that feedback (Wiant 1999).
It won't be incorrect to state that money does matter. At the same time as the contemporary management trends focus on more progressive benefits for the workforce, it is equally critical to provide them with competitive payments. It constantly turns out as a great thing for companies if they pay their employees more salaries as compared to the others in the market. Stupendous achievements shall always be recognized by offering bonuses based on the performance of the employees and must range from impartial incentives, share in stocks and cash etc. This is because there is an...
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now