Financial benefit

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Motivation through achievement is a non financial benefit. Workers have a need for achievement when working. If someone is ‘Achievement Motivated’ and therefore seeking achievement, they will be more likely to attain realistic but challenging tasks that they set. They feel proud and ambitious when completing a task. So they try something else and attempt to do one better. There is a strong need for feedback as to achievement and progress, and a need for a sense of accomplishment. People feel fulfilled through the work they do, but also you can get more satisfaction from promotions and bigger rewards than just achieving work that is set.

Money isn’t the best motivator as you may think, this is only a short term motivator. There is a strong need for feedback as to achievement and progress, and a need for a sense of accomplishment. Praise, respect, recognition, empowerment and a sense of belonging are far more powerful motivators than money. This is proven in Maslow’s theory in the triangle; money (resources) is placed quite low compared to everything else. Motivation is key to employees being productive, qualitative and wanting to improve work efficiency. If colleagues acknowledge the work you have done and make you feel appreciated.

Job enlargement and enrichment are key factors in an employee’s state of mind, if they are happy they work well and unhappy means less productive work. Job enlargement is adding more tasks to a workload but not really varying the challenge set. An enriched job should ideally contain a mixture of tasks with varying difficulty of completion. Feedback and encouragement are essential in keeping employees motivated and productive.

When employees start at a new job, the company will usually have a mission statement to help guide them towards goals. Individual goals should also be set. He/she must know their place within the business and how important that they are to the whole operation and without them functioning properly everyone will suffer. Although many people work less well under threats and pressure some do not and it is generally more beneficial to everyone’s motivation that it is done positively.

Other areas of motivation include incentives to keep working hard. These incentives are usually financial and short term unless given regularly. Financial incentives are given for a variety of reasons, mainly because of hard work. They are given in sums of money to keep you working well. Bonuses are the most notable incentives; bonuses are often the result of meeting sales targets or finishing a large project. A lot of people who work in sales have specific targets to meet, if they exceed they get a bonus, this keeps them working to their best they can to ensure they get that bonus. Bonuses are only directly beneficial to the employees, the company as a whole will have to make significant profits with sales targets to make sure they easily cover their losses and make a profit. Also bonuses will be given to a number of employees at the same time, so dependant on the size of the company this could be a huge amount of money counted as a loss of profit.

Another good way to be rewarded is through employee shares; big companies like Virgin and Tesco have this. Tesco gives shares to employees after 3 months of working for them, these increase every year. But to withdraw shares in Tesco you must have worked there for 5 years to withdraw tax free. There is nothing to stop you from withdrawing these shares from Tesco after you’ve been given them. This can be treated like a bonus from Tesco if you choose to sell your shares in Tesco right away.

Through retail stores, Discounts can be given as incentives too. Tesco offers different levels of discounts dependant on how long you have been working for them. The longer you have worked there the larger the discounts are, this is again another incentive to work there for longer. If staff stay at Tesco for longer, it means less money on looking for new employees and the training needed for them.

Certain industry jobs pay on a piece by piece rate, the amount you produce dictates how much you get paid. This is being paid by Piece Rate. Companies that rely on constant output of products will use this, so they are always working to their full potential. So requirements can be set as a minimum production and a target for them to work towards. If they produce more than a certain amount they can be given bonuses etc. With piece rate payment, people can work for the minimum amount of time/units then finish. So targets can not always be guaranteed, especially if people go home early and the amount of products made needs to increase from the standard. This can make employees unreliable as they can go as they wish once their contracted amount is finished.

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