Better Pay Scale Is The Highest Level Of Motivation Compare To Other Rewards

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Better pay scale is the highest level of motivation compare to other rewards
Money is an essential incentive in ensuring motivation at work. It is a medium by which, employees gain purchasing power to meet their needs and desires in life, determines their value to an organization and outlines their performance. The equity theory argues that a person’s motivation relies on fair compensation for their input when compared to others. Motivation refers to a set of both internal and external factors that arouse a desire and energy in individuals to exert effort and continued interest in committing to a job. Employees are the primary necessity in an organization, but competitiveness, globalization, and advancement in technology make retaining extemporary employees difficult, hence the need for motivation. Companies employ different motivation methods. However, better pay scale promotes the highest motivation among employees as compared to the others.
First, better pay scale elicits the exertion of extra effort at work. The expectancy theory asserts that money is the most important motivator. Edwin Locke, an industrial psychologist, conducted research aimed at comparing the level of motivation brought about by motivational methods such as money, setting goals, say in decision making and redesigning of work (Reeds). His research established that money played a significant role in promoting job performance by thirty percent while setting goals attracted 16 percent, participating in decision making at less than one percent and seventeen percent in alteration of job design (Reeds). Better pay scale outcomes in this as it enables employees to meet the Maslow’s Hierarchy of needs. Money meets their basic, security and social needs. Subsequently, empowering them to accomplish esteem and self-contentment needs. Moreover, research by Harvard professors, Duncan Gilchrist, Michael Luca and Deepak Malhotra, observed that persons that acquired monetary benefits worked considerably harder when compared to other employees. According to them, the fi...