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Is Money The Biggest Motivation Factor?
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[QUOTE="SuyashSingh, post: 148259, member: 49970"] Money is the biggest motivator of people in the workplace. Most people are motivated by money. According to Alison Griffiths, journalist of Metro Canada, the survey showed that 53 percent of Baby Boomers in Canada did want to earn more money while 32 percent of them did plan to open their own business after retirement to earn more money too. Besides that, Reuters (2012) also stated that 31.4 percent of Americans aged from 65 to 69 were still working in the year 2010, compared to the year 1990 with a lower percentage which is 21 percent. These showed that Baby Boomers value money as an important motivation factor. For example, A Generation X employee tells a Boomer manager that he had been working too hard and request for taking an off for a family vacation. Instead of saying thanks, the Boomer replies, “I work to get ahead, to get a promotion, not for a vacation.” The Boomer manager then gave the employee a bonus, rather than a vacation (Hammill, G., 2005). In contrast, Generation X seeks a work-life balance where they will take less money if they are given the opportunity to work lesser hours and have time off to spend with family or take a vacation. For them, money act as an incentive or reward but it does not add value to the job. Whilst, Boomers are attracted to positions and even more money rather than placing value on vacation time or flex time. According to Mcshane (2010), Generation X and Generation Y employees expect a more egalitarian workplace. For them, money is an important factor but it is not standalone. A study by Accenture consulting firm found that 50% of middle managers were interested in new jobs that provide benefits such as more time off rather than more pay (Williams, R., 2010) Thus, money is very important to employees for a number of reasons. I firmly believe that money is the major and biggest motivator in the workplace. Some of the motivation theory models also explain the importance of money as a major motivator factor such as Maslow’s Needs Hierarchy Theory, ERG Theory, Equity Theory and etc. [/QUOTE]
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