Debate

 

DOES MONEY MOTIVATES PEOPLE MORE THAN ANY OTHER FACTOR IN THE WORKPLACE?

 

PRO SIDES

1. A lot of people are motivated by monetary incentives because money is real.

Money is something tangible, concrete, and substantial. It’s also usable and has its value. The more money, the more value we got. The more value we got, the more wealthy we are. 

For many people, especially in Indonesia itself, success is defined by income levels. So, the higher the income the more successful they are.

2. Money definitely plays a major part in motivating human resources.

Quantity doesn’t matter, but money is still the motivating factor. Imagine, if there are plenty and more than sufficient, anyone would hardly want to work. 

3. Money would have a huge impact as motivation for those who work with a lower pay scale.

Take an example, for people who work in industries with low salaries. Assuming one of the employees gets paid minimum wage of about $11/hr, increasing their salary by $1/hr, a 10% increment has already impacted a big role and means a lot for the employee who’s in a low-income situation.

 On the other hand, if we increase the salary of an employee who already has millions and billions of assets, of course, a 10% increment wouldn’t mean a lot for him because at that point one billion of money is merely a number.

 Talking about Indonesia, as still developing countries where the billionaire is countable and there are still a bunch of people who don’t get proper work and salary, it’s nearly impossible to not be motivated by money in working. The realities of life, housing expenses, food, transportation, health insurance, etc. require that we have to make money. Yes, we know that money is not everything. But until this day, we need money for everything, right?

4. Financial concerns have impacted not just employee health, but also workplace productivity

Money worries affect people regardless of their age and gender. It’s clear that organizations should be focusing on financial well-being as part of their must. This will become increasingly important over the next 18 months, as rising inflation is likely to lead to a pay squeeze and increased concerns about personal finances.

CONTRA SIDES

Not all the people motivate with the money, because

1.      They do their hobby or something they love as their job

For example, someone who spends their life in art and music, and makes it as their job, doesn’t really care about money. Making art and music in one of the most joyful things for them. Being heard, accepted, and appreciated is more than enough for them. Some of them want their creation can bring positive energy or value for the others. In fact, 64% of millennials would rather make $40K a year at a job they love, than $100K a year at a job that is boring.

 

2.      Some people think “Money is not everything, value is”

There are some people that have a big heart and sincere with their job. After graduation and get so much insight from the college, there are some people who devote their life to help another. For example, Doctor Lo Siaw Ging from Solo devote his life to help the poor citizens. He never wants to get pay, he always pays his patient check. For him, being a doctor is not a way to become rich. "People will forget what you said, what you did but not how you made them feel"

 

3.      A healthy work environment, good relationships with co-workers, etc is very important.  In the USA, the average person may work about 40 hours per week, which at the end of their career, adds up to a significant portion of their life in the workplace.  So, having a good work environment is important for long term health and happiness.

 

4.      Fuller wallet, smaller happiness

Motivate to get a higher paycheck means you need to work hard and satisfying the employers. The more you are paid to do that job, the higher the expectation that you’ll always be on, and the greater the responsibility and pressure. The money is great at first but the overtime hours lead to emotional, mental, and physical burnout — which eventually outweighs any positives the higher paycheck brought. One expert, Vicente DyReyes, began his career as an investment banker in which he was the highest-paid in his age bracket but also on the lowest end of the happiness scale.

 

5.       Daniel Kahneman (a psychologist) said,

According to the Expectancy Theory, the money will motivate employees as long as their personal goals are being satisfied and the perception that their pay is dependent upon their performance. Kahneman said money does not increase people’s happiness after they have got all the basic necessities of life.

 

6.       Yoon Jik Cho, Assistant Professor – the University of Georgia and James Perry – Distinguished Professor - Indiana University, said

employees who are intrinsically motivated are three times more engaged than employees who are extrinsically motivated (such as by money).

 

7.      Data from GigSesh ( a company that provide career advice)

Less than 15% of people said that salary was the most influential factor when picking a job or career. This data provide us that most of people don’t really care about money when picking a job.

 

In the end, if people just do a great job when they get a high paycheck, it will mean nothing. People want money. Everything in this world needs money. But, if you have a lot of income with a lot of expenses, you will get nothing. Having a lot of money is not the answer, improving their financial well-being is the key. Rather than a high paycheck, these are the solutions that the London workers choose,

•  Being rewarded in a fair and consistent manner

•  Being able to save for the future through a pension

•  Being able to develop progress in their career