Is Money an Effective Motivator at Work?

Paper Summary:

This paper discusses whether money is an effective motivator at work. It presents theories that may or may not support our common knowledge of money being an effective motivator, but they all have one thing in common - that their premises are based on observations of outward behavior and reports made by individuals who participated in the studies.

From the Paper:

"Our long-standing belief is that money is what keeps our farmers cash-cropping, our nurses flocking abroad, our athletes training for competition, our writers pleasing their editors, and our telemarketing agents on the job at three in the morning. But is it really cold, hard cash that makes the world go round? Is it the only thing that keeps us up and about and motivated to do a good job?"

Sample of Sources Used:

• Locke, E.A. and G.P. Latham. A Theory of Goal-Setting and Task Performance. New York: Prentice Hall, 1990.
• Martin, J.C. and M.M. Peterson. "Two-Tier Wage Structures: Implications for Equity Theory." Academy of Management Journal. (n.d.): 30, 299-315.
• Smither, R.D. The Psychology of Work and Human Performance. New York: Harper Collins College Publishers Inc., 1994.
• Vroom, V.H. Work and Motivation. New York: Wiley and Sons, 1994.
• Whyte, W.H. et al. Money and Motivation: An Analysis of Incentives in Industry. New York: Harper and Row Press Publishers, 1955.

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