‘Money is the only motivator’. Do you agree? Give arguments to support your viewpoint.

No, I do not agree with this statement because in the context of financial and non-financial motivators it is said that, “Financial and non-financial incentives are required to motivate the workers for harder work just as right and left foot both are essential for walking”. In other words, both have the same importance and it is essential to implement the both simultaneously. Following are the main non-financial motivators:
(i) Status: Status means the position or rank of a person in the organisation. It can be high or low. The rank of an employee is directly linked with his authority, responsibility and other facilities (e.g., a separate cabin, costly furniture, car, peon, P.A. etc.). Everybody has a wish for a higher status. Therefore, the employees can be motivated by raising their rank or position. The attainment of a higher status fulfils the psychological, social and esteem-related needs.

(ii) Career Advancement Opportunity: Every employee of the organisation wants to advance in his life. Promotion is an important example of advancement. Training and development facilities have got to be provided for the promotion of the employees. Therefore, the managers can clear their way to promotion by providing these facilities. When the avenues for promotion are available, the employees certainly get motivated.

(iii) Employee Recognition Programmes: Every employee wishes to be considered as an important part of the organisation. It means that he should have his own identity and he should appear to be distinctive. The manager should distribute work among the employees in a manner that should give a feeling to every employee that his work is special and that he alone is capable of doing it. By getting such an importance, they are motivated and work harder and in a more responsible manner.

(iv) Employee Participation: Employees get encouraged to notice their participation in managerial works. Therefore, they offer their full cooperation in making successful the policies prepared with their help.

(v) Employee Empowerment: Employee empowerment means giving the employees more freedom to take decisions. When the decision-making power of the employees increases, they consider that they are doing some important work in the organisation. This feeling motivates them.