3Is money the only motivating factor for employee? Please explain your answer.

Money is only one piece of the motivation puzzle, it is not the only motivating factor for employee. Pay is only one of several intrinsic and extrinsic reward offered by work. Pay is the most important of hygiene factors, but it is ambiguous in its effect of motivation. Employees are motivated by different things. Some employees have financial goals, others have professional goals, and others have personal goals. There are factors that motivate employee more than money. Money is not acceptable to all workers. If employees are highly paid, money may not be sufficient. They may prefer other benefit, such as an award ceremony or dinner, a car, a window office, etc. Motivation came from the work itself, and that the lasting respect of others was far greater than money as a measure of accomplishment. Emotional sources of motivation are more powerful, and they are best conveyed informally in an organization through the respect of peers, the admiration of subordinates, the approval of one's personal network and community and the like. Money becomes the default motivator because it is measurable, tangible and fungible. Employees are also motivated by having autonomy, but more money doesn't often equal greater perceived autonomy. Employees do want leadership. They want a sense of being on the right track, going somewhere that has been defined and is important. They like being part of something bigger than themselves. Employees like to know that someone, who is trustworthy, is in charge. Employees need non- monetary reward to motivate themselves, such as freedom at work, delegation of authority, job security, better working conditions, and paying more attention to their emotional need mean a lot more than a big bank balance. Giving the employees greater freedom to decide how the job should be done. Delegation of authority motivates a subordinate to perform the tasks with dedication and commitment. When authority is delegated, the subordinate knows that his superior has placed faith and trust in him. Guarantee of job security or lack of fear dismissal can also be a good way to motivate the employees. Employees who are kept temporarily for a long time may be frustrated and may leave the organization. Provision for better working conditions such as air-conditioned rooms, proper plant layout, proper sanitation, equipment, machines will motivates the employees. Similarly, feelings of relatedness and fairness are motivators. They are determined more by informal interactions, social networks and daily perceptions than by money or formal promotions.

Employees want to learn new skills, develop their capabilities, and grow their knowledge and careers. Making developmental opportunities available to each employee helping them develop their careers which is useful than money. In this case, job enrichment is a good motivator for employees. Job enrichment involves more challenging tasks and responsibilities. For instance an executive who is involved in preparing and presenting reports of performance, may also asked to frame plans. On the other hand, constructive performance feedback is important in job motivation. As a conclusion, money is not only the motivating factor for employees. Money is only one of the motivating factor to the employees as there are several others factor to motivate employee.