Money and Motivation: 4 Ways they are Linked
We live in a world surrounded by news that talk about success and failure. But we are moved more by the stories of people who made it from nothing and now lie at the top. We watch on television or videos that describe in detail the happening lives of the rich and famous people.
The other side of the coin, we appreciate it when we read on the covers of newspapers and magazines headlines about “stars” who fell into deep depressions, drugs, crime, etc. victims of fame and power. The pressure to maintain social status forces some people to take risks and liabilities that become, in many cases, unmanageable.
We could say that money is the main motivating element in individuals. This is absolutely true. Let’s see how..
Money is a door to achieve personal goals
These goals can involve basic things such as being able to afford a plate of quality food on the table every day and a roof over your head. Or they can be more imaginative like buying a house with a garden in the background.
If a person doesn’t make enough money at work to achieve their personal goals, they will need more money to be motivated.
Money is a sign of professional recognition
Two people with similar experience in two similar positions and similar ages should ideally earn the same, if their performance is the same. If one works more or better, he or she should be paid more. If a person does not earn money according to his work and skills, he will need to have his salary in line with what the market currently offers.
Money is also a reward
If a person does a job beyond the call of duty, if he or she does a good job over a long period of time, or if he or she exceeds the expectations with which he or she was hired, he or she deserves to earn more money. This is only fair. If someone who was hired for 6 hours but works for 8 hours with quality output, you should think about paying them for 8 hours, if you can afford it.
If a person brings in more value than the money they receive, they should receive more money.
Money is a status sign
Normally, to get into positions where more money is earned, you have to pay a price. It may be that you have invested more years of training during your young age, that you have worked for more years, that your position is highly specialized and that this reduces your job opportunities, that it is a stressful or responsible job.
People are willing to make sacrifices to improve their job status, and job status is usually associated with a high salary. If the average salary for a particular profession is $100,000 and you earn $75,000; it means that you either value your profession below the market average or you value an individual below the market average. You are explicitly lowering my professional status, which is discouraging.
If a person charges below the average market price you will be devaluing their status as a worker, so they will need more money not to feel undervalued.
Money can help, and a lot, if you’re clear about what it’s used for. Of course we have the right to enjoy our efforts and live unforgettable experiences. However it can also serve as a means to satisfy other dimensions of the person: intelligence. That is why it is advisable to read a good book, share forums, train yourself continuously.
Being well prepared will allow us to generate higher income, acquire greater security in what we do … in short, be more efficient.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).