Types of motivation. Motivation, MBA SYLLABUS, MBA FINANCE

MBA

1. Monetary Motivation : Definition: Monetary motivation involves the use of financial incentives to encourage and reward individuals for their performance or achievements. Examples: Salary and Bonuses : Regular salary payments and occasional bonuses based on performance can serve as significant monetary motivators. Scholarships and Grants : In an academic context, monetary rewards in the form of scholarships or grants can motivate students to excel. Cash Awards : Specific cash awards or prizes for achieving certain academic milestones or scoring the highest in exams can be effective motivators.

2. Advantages: Tangibility : Monetary rewards are tangible and directly contribute to an individual's financial well-being. Clear Measurement : Performance-related bonuses and incentives provide a clear measure of the effort-to-reward ratio. Universality : Monetary rewards are generally applicable across various domains and are universally recognized.

3. Disadvantages : Short-term Focus : Monetary rewards may encourage short-term motivation, but they may not sustain long-term engagement. Equity Issues : Unequal distribution of financial incentives may lead to dissatisfaction and demotivation among individuals.

4. Non-Monetary Motivation : Definition: Non-monetary motivation involves the use of non-financial factors to inspire and engage individuals in achieving their goals or tasks. Examples: Recognition and Appreciation : Acknowledging and appreciating individual efforts and achievements can be a powerful non-monetary motivator. Career Development Opportunities : Providing opportunities for skill development, career advancement, or mentorship can motivate individuals to perform at their best. Flexible Work Environment : Offering flexibility in work schedules or telecommuting options can enhance job satisfaction and motivation. Intrinsic Rewards: Personal satisfaction, a sense of accomplishment, and the joy of learning are intrinsic rewards that can drive motivation.

5. Advantages: Long-term Engagement : Non-monetary motivators often contribute to sustained engagement and commitment over the long term. Customization : Different individuals may be motivated by different non-monetary factors, allowing for more personalized approaches. Enhanced Job Satisfaction : Non-monetary incentives, such as a positive work environment, contribute to overall job satisfaction.

6. Disadvantages: Subjectivity : Non-monetary rewards can be subjective and may not be equally valued by everyone. Limited Tangibility : Unlike monetary rewards, non-monetary motivators are intangible and may not have an immediate impact on an individual's financial status.