In what context you have raised this query is not understood. Are you student or professional? Is employee motivation challenge in your organisation? Do you have evidence to prove that heft of the money has elevated employee motivation?
There is no evidence to prove that monetary benefits or remuneration motivate employees. It only helps in converting employees into the "yes-persons". However, yes-persons need not be motivated. Their strategy is to please their boss by saying "yes" to him/her, work for long and forego the family life, live with work-life imbalance etc.
Compared with India, remuneration is much better in the gulf countries. However, Indian who work there are not necessarily motivated. They just work for the money and accept what comes in their platter. Far from motivation, money did not even control the employee attrition. Last year there was a report on Times of India on why employees quit their companies. Click the following link to refer it:
Bosses, not money, make staff stick to company - Times of India
Essence of motivation lies in empowerment. Essence of motivation also lies in allowing emergence of divergence of views. Essence of motivation lies in creating a atmosphere of positive conflict rather than false harmony. Essence of motivation lies in valuing the employee who has enriched the organisation and not putting him/her at par with the less contributors. Essence of motivation lies in stopping employees from using the organisation for their personal aggrandisement.
Employee motivation is too complex gentleman. If it were to be so easy, motivational factories would have coexisted with the production factories!
6th June 2016 From India, Bangalore
I share the perspective with Mr. Dinesh.
Let's learn the meta-analysis by Tim Judge and his colleagues in 2010. The authors here reviewed 120 years of studies to synthesize the findings from over 90 quantitative studies. The results show that the association between wage and job satisfaction is really weak. There is less 2% overlap between pay and work satisfaction levels. Also, the correlation between pay and pay satisfaction was just slightly higher, showing that employee satisfaction with their salary is mostly independent of their actual salary. When the authors conducted group-level comparisons, they find out that employees that earn wages in the top half of their data range the same levels of job satisfaction to the employees that earn wages in the bottom-half of the data range. According to the engagement research on 1.4 million employees from 192 organizations in 49 industries and 34 countries by Gallup – a U.S research-based, global performance-management consulting company, there is no considerable difference in employee engagement by pay level.
Overall, the results have significant implications for HR management: if we want engaged employees, money is clearly not the exact answer. Money doesn’t really buy employee engagement. To be worse, the more employees focus on their salaries, the less they will focus on learning new skills, having fun, and those things are closely related to their work performance.
There are many ways to buy employee engagement, attain higher productivity and bring out a happier business culture - without money. Below are proven ways that you can refer to 10 Practical Ways to Buy Employee Engagement without Money
1st October 2016 From Vietnam, Hanoi