Thursday, April 19, 2012

money as a motivator

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Money is a motivator to employees within an organisation. Remuneration systems are designed to be fair and equitable and provides employees with “tangible rewards commensurate with their skills and…provides recognition and a livelihood”. Remuneration has the potential to influence the work force which can gain maximum advantages for the corporation. Even the most career-minded person who takes success and recognition most seriously must, at some point in their working life, place great emphasis on matters relating to the monetary form of remuneration in the corporation. Money is becoming more and more corresponding with standard of life, social acceptance and opinion validity. Importance must be placed on money to provide for one’s family and to generally maximise standard of life. It has been said that money cannot buy happiness, but that statement is becoming more and more outdated as money is increasingly being exchanged for more things than what it could have in the past. Therefore, money is going to be a huge incentive and motivator for employees to perform what is evidently necessary in order to gain more of it. With this in mind, organisations can adapt this motivation tool into their remuneration strategies, human resource plans and organisational plans and goals. Organisations can use this tool to send the message to employees about what is believed to be important and worth encouraging and should not be underestimated. Of course other aspects of the reward system can also be incorporated to increase the motivation power including, but not limited to, career path development and training, access to sporting facilities, improved maternity leave provisions, flexible hours and other lifestyle benefits. Once employees become motivated, money can also be used to attract and retain competent and qualified employees. There are many policy principles and issues that need to be taken into account when addressing remuneration schemes, but if integrated correctly in response to economic fluctuations, it can be a very influential motivation tool which organisations need to explore.

5(b) KDI 6 pg.476 Nank

Remuneration systems that an ‘employer of choice’ would have or need to introduce to retain its position in the labour market and keep myself, as an employee motivated and content, would incorporate the following into its remuneration scheme

· Provide career path development and training to ensure I do not become bored and disinterested in the organisation. I would want opportunities to continually better myself and climb the corporate ladder.

Help with essay on money as a motivator

· Access to sporting facilities, for example a gym, to alleviate work pressures and help my physical health.

· Maternity leave provisions need to incorporated and supported.

· Flexible hours would be of great benefit.

· Company car and fringe benefits.

· Overtime and other incentives to work harder would be appreciated.

· Opportunities to earn more money either through better performance or more responsibility available.

· The understanding that my salary would fluctuate accordingly to the current economic situations such as inflation and globalisation.

· Mid-yearly assessments of my salary and job performance analysis.


5(c) Case Study “Aussie Airlines Career Path Roadblocks”

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