Money can never be overlooked as a motivator. Money is often more than monetary value; it can also mean status or power, or other things.
In fact it is said to be the ultimate motivator. I could agree more on this matter, for the following reasons;
money, as money, is likely to be more important to people. Money is an urgent means of achieving a minimum standard of living, although this minimum has a way of getting higher, as people become more affluent.
Second, it is probably quite true that in most kinds of businesses and other enterprises, money is used as a means of keeping an organization adequately staffed and not primarily as a motivator.
Enterprises usually make wages and salaries competitive within their industry and their geographic area to attract and hold people.
Third, money as a motivator tends to be dulled somewhat by the practice of making the salaries of the Various-managers’ in a company reasonably similar,
In other words,
organizations often take great care to ensure that people on comparable levels are given the same, or nearly the same compensation.
This is understandable, since people usually evaluate their compensation in light of what their equals are receiving.
Fourth, if money is to be an effective motivator, people in various positions, even though at similar level, must be given salaries and bonuses that reflect their individual performance.
Even if a company is committed to practice of a comparable wages and salaries, a well-managed need never be bound to the same practice with respect to bonuses.
In fact, it appears that, unless bonuses for managers are based to a major extent on individual performance, an enterprise is not buying much motivation with them.
The way to ensure that money has meaning, as a reward for accomplishing and as a means of giving people pleasure from accomplishment, is to base compensation as much as possible on performance.
From the above discussions we can come to an end that money is the ultimate motivator.