‘Money is not the only motivator’. Then, what else is required to motivate employees? Explain.
Money is not the only motivator. This statement is true in the context that an individual have certain psychological, emotional and social needs which money cannot satisfy.
In order to satisfy these factors, non-financial incentives are required.
Following points contribute the same:
(i) Status In business terms, status means ranking of positions in the organisation. The authority, responsibility, rewards, recognition; perquisites and prestige of job indicate the status given to a person holding a managerial position.
It satisfies psychological and social needs of an individual.
(ii) Organisational climate Better conditions in an organisation like individual autonomy, reward orientation, consideration to employees, risk taking, etc provide an organisation to be different from the other organisations. Positive measures taken in these aspects, helps to develop better organisational climate.
(iii) Career advancement opportunity When employees are provided opportunities to grow in status and responsibility, they are satisfied and are committed to organisational goals. Appropriate skill development programmes and sound promotion policy help employees to improve their skills and be promoted to higher levels and exhibit improved performance.