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Money is not the only Motivating Factor Introduction The aim of this academic research assignment is to look into the area of why I believe Money is not the only motivating factor in our current working society these days. We live in a day & age where people are no longer just interested in being able to earn for a living, although it does enable us to fulfill the basic necessities of our daily lives, like paying for our bills, our transport expenses, etc. However, more than just that, people are now looking for more in their jobs.
Nowadays, people don’t want just a good salary, or a good payment package from their employers, they are also looking for greater meaning ; purpose in what they are doing. It takes a combination of both the money ; having a sense of purpose on the job that keeps a worker happy at work. When workers are able to find a greater meaning ; purpose in the jobs that they are doing, it helps them to stay more engaged in what they are doing. McShane (2010, Organisational Behavior on the Pacfic Rim, p. 169) said, “The challenge facing organizational leaders is that most employees aren’t engaged.
The numbers vary from one study to the next due to inconsistent measures & definitions, but generally only about 15-20% of the employees in Australia & New Zealand are highly engaged, about 60 per cent are somewhat engaged, and approximately 20 per cent have low engagement or are actively disengaged. ” As we look deeper into this subject, we will also discuss further about the various aspects of what drives a worker in terms of their motivation, like money, purpose at work, as well as a look at the various theories of motivations, and how they correspond to the truth that money isn’t the only source of motivation for workers.
Primary Needs are Different Because every individual is created differently, we are born differently, think differently, brought up in families with different value systems, how we feel towards certain things are usually different as well. That being said, its therefore correct to conclude that since we all respond, think & see things differently as human beings, thus, what motivates us to go for our goals, and what influences us in our decision – making process will be different. Maslow (1943) stated in his needs hierarchy theory that there are 5 levels of human needs.
As you can see from the diagram below. Source: Based on information in A. H. Maslow, ‘A Theory of Human Motivation’, Psychological Review 50 (1943): 370-396 Source: Based on information in A. H. Maslow, ‘A Theory of Human Motivation’, Psychological Review 50 (1943): 370-396 Maslow discovered the following: 1. Physiological: At the most basic level, most humans generally are motivated by the need for food, water, place to stay. These are all the basic human survival necessities. Naturally, all human beings are motivated and driven by their need for survival. 2. Safety:
After being able to fulfill their basic necessities, humans will begin to look for security & stability in the work environment that they are working in. With the absence of pain or threat, it helps to bring them a certain peace of mind to focus better on their work. 3. Belongingness/Love: This area of need is subjective & will not necessary fit into the drive & motivation of every human being. The need for love, affection & interaction with other human beings may suit people with the extrovert-type of personality, but it doesn’t necessarily is as crucial to people that are introverted.
Extroverted people are more sociable ; tend to be attracted more to an environment where they can experience lots of social interactions ; having meaningful friendships. They are people who need to be surrounding by other people. They enjoy sharing what they know, and have learnt with those around, as well as to learn from those around them. Introverted individuals however are geared more towards being independent, working alone. In many workplaces in Singapore these days, a common term has been coined for such individuals, the “Silent Workers”.
They are usually characterized as people who don’t talk much, and quietly stick to the tasks that have been given to them, and they usually finish their tasks on time & do it very well. 4. Esteem: Some people, depending on their individual upbringing, may be influenced in different ways. Some individuals grow up in an environment where they are told that they will never be good enough, or amount to anything great in life. Whereas, there are some individuals who grew up in an environment where they are constantly encouraged to improve themselves and strive to be better.
They are constantly encouraged that they have great potential & have a great purpose in life. For those individuals who are told they will not amount to anything great in life, they are usually people who grow up with a low self-esteem. When they come out to work, they tend to be the people who seek out recognition from the bosses & appreciation for their work, as they usually don’t get it at home. As for individuals with a positive self-esteem, they are usually less likely to need recognition for their achievements.
They know themselves well, and they have a very high self-image. These individuals can usually be characterized by their self-driven personality. 5. Self-Actualization: The final level of need is that workers tend to need to fill a sense of fulfillment knowing that what they have done at work contributes something constructive ; positive to the growth or vision of the company. They like to know that there is a meaning ; reason for them being around. At this level, it’s already way beyond just their need for survival.
Research has shown that only 29 per cent of Australian public service employees say they feel valued for their contributions to their work (McShane, 2010, Organisational Behavior on the Pacific Rim, p. 174). Comparing the Levels of Needs Let’s take some time to look at the 5 needs we have mentioned above, and compare them. It is true that every human being is naturally wired with the same need for survival. Food, water, a place to live in, all these are a part of what we have come to term as “Basic Necessities”.
Let’s take a look at 2 different scenarios: (a) An employee that is struggling with financial debts. If an employee is struggling financially in his life at the point where he has a job, its natural that he’s first priority is for his survival. The ability to acquire income so that he can pay for his food, his transport, or even his rent. The fear of not having enough money to eat, or to take public transport, or even having to stay on the streets is what keeps that individual motivated to keep his job ; do well. b) An employee that has been working for 1-2 years in a company ; has a stable salary. If we look at another employee who has already been working for a couple of years, and is no longer struggling financially, then perhaps the employee will not need to worry about his basic necessities that much. He will still to a certain degree by motivated by money, but it will not necessarily be the only thing that he is after. Usually, after working for years in a company, employees tend to get bored and tired of what they are doing.
They lose sight of the reason that first got them the job. And now, they are finally seeking out the meaning ; purpose of staying in that job. Money is ONLY short-term motivation, but staying purposeful ; having a sense of fulfillment in what we do, that is the long term motivation that most people will be after, ultimately. Therefore, when we analyze ; think more about the 5 levels of needs that Maslow has discovered, we find that it’s not exactly accurate that every human being may have these needs.
And stating that it’s a “hierarchy”, clearly is misleading. A person who doesn’t have any financial challenges will not necessary start at any level in the hierarchy, and they can begin even at the highest level, self-actualisation, where the sense of fulfillment is what they really are after. And because human beings are all different as I have mentioned in the introduction of this academic research essay, some people who have a high self-esteem may still need to have a sense of fulfillment in his/her work.
All these things are really subjective, and will really depend on an individual’s upbringing, his social life, and many other environmental factors outside his/her work. In the following section, I will discuss on the Four-Drive theory which is developed by the Harvard Business School professors, Paul Lawrence ; Nitin Nohria. I strongly believe that this theory is more holistic and provides a more humanistic perspective to why money isn’t the only motivating factor for human beings.