1. Does Money Motivate?
Title can be updated
MBA HRM

2. Introductions
Motivation is about having the will or desire to do something or to work a bit harder
E.g. degree of motivation to get out of bed to go to college or work
Motivation identifies aspects than can be enhanced through pay or responsibility
Businesses are organised and started to generate money. As such, money becomes the essence of commerce. Money is used within the employee-company relationship to remunerate the personnel for their labour. In relation to the chosen topic, organisation use money to motivate and retain their personnel (Milkovich & Newman, 1993). Motivation pertains to the performance at work and there are several scholars that have studies the notion of performance contingent remuneration.
There have been found three motivation theories that discuss the idea of remuneration in terms of motivation. The findings from these theories are mentioned below.  
Findings - to include the main theories from our findings?

3. Why Money?
Money has been called the “most universal and efficient system of mutual trust ever devised” (Harari, 2014)
Money is a tool to acquire our wants and desires
Is also a Psychological Drug
Dopamine released in brains limbic system when vouchers presented as prizes
Financial and economic incentives are commonly used in the labor market, and the effect of those incentives varies depending on the type of task (Camerer and Hogarth, 1999). In fact, although according to standard economic reasoning an increase in the financial incentives provided for an activity will improve performance, there are some notable exceptions. Gneezy and Rustichini (2000) show that people who are unpaid tend to exert greater effort than those paid only a small amount. Ariely et al. (2009), meanwhile, demonstrate that when incentives are too high, people may “choke under pressure,” resulting in very bad performance.
Journal of Economic Behavior & Organization
Volume 93, September 2013, Pages 367–373
HAMMOND, C., 2016. Mind over Money – The psychology of Money and How to use it better. 1 edn. Edinburgh: Canongate Books.
HARARI, Y.N., 2014. Sapiens: A Brief History of Humankind. London: Harvill Secker.
MCCLURE, S., LAIBSON, D., LOEWENSTEIN, G. and COHEN, J., 'Separate Neural Systems Value Immediate and DelayedMonetary Rewards. Science, 306(5695), pp

4. Motivation Theories
Many theories are used to try to explain money x motivation.
Hierarchy of Needs (Maslow)
Two Factors Theory (Hezberg)
Scientific Management (Taylor)
The Hawthorne Studies (Mayo)
New Motivation Theory (Daniel Pink)
Autonomy – Desire to be self directed
Mastery – The urge to get better
Purpose

5. Motivation Drivers Biological Drivers Conditional Drivers (External)
Water / Food / Warmth
Conditional Drivers (External)
Money / Good work condition / Job security
Internal Drivers (Intrinsic)
Achievement / Recognition / Authority / Responsability
Is this not a general slide for introduction?

6. Studies / Experiments Performance improves with rewards:
Mechanics / formulas / Set of rules – “if you do this you get that”
Performance decreases with rewards:
Cognitive skills / some conceptual, criative thinking.
Overjustification effect.

7. I am going to discuss how money can be shown as a primary motivator

8. Money in Routine Routine tasks in production environments
Motivation when fatigued
Better grades at school
Taylor first demonstrated that money can be used to motivate employees in a production environment by the application of scientifiic management theory where workers are paid a piece rate in order to increase productivity and efficiency. In similar routine tasks money can also be shown to motivate in the 1950’s Robert Schwab conducted experiments in fatigue and when money was introduced as a motivating factor participants were able to find increased strength to maintain the task. In fact the time increased from 75 seconds to over 2 minutes when money was introduced as a motivator. There have also been many schemes where children at school have be motivated to get better grades with monetary rewards, In Bogota in 2005 the pass rate from high school was only 22%, then children were incentivised with a $300 dollar bonus to graduate from high school, which was enough to pay for college fees, and the pass rate rose to 72%.
BENDER, R., Why Do Companies Use Performance‐Related Pay for Their Executive Directors? Corporate Governance: An International Review, 12(4), pp
GILES, E.L., ROBALINO, S., MCCOLL, E., SNIEHOTTA, F.F. and ADAMS, J., The effectiveness of financial incentives for health behaviour change: systematic review and meta-analysis. PloS one, 9(3), pp. e90347.
GRACHEV, M. and RAKITSKY, B., Historic horizons of Frederick Taylor's scientific management. Journal of Management History, 19(4), pp
MARANDI., E.H. and MOGHADDAS.EJ, , Motivation factors of Blue collar workers verses White collar workers in Herzberg's Two Factors theory. Available:  2017].
RIPLEY, A., 'Time Magazine - Should kids be bribed to do well in school?  The Education Innovation Laboratory at Harvard University, .

9. Performance Related Pay
“Pay as a symbol of worth - Teachers in schools do it with gold stars; in business you do it with money.”
Monetary reward allows the employee to address more of their ‘wants’
Achieving the reward increases self esteem
Improves employees’ record and potential future pay negotiations
Creates positive psychological effects when used as a reward
Money as a motivator is best characterised today by Performance related pay. This is the ‘norm’ in business today and provides employees with the means to gain more of their ‘wants’ increases self esteem and improves their ability to leverage further increases in salary in the future. Performance related pay is seen as the socially and psychologically acceptable minimum form of motivation – studies have shown that the pleasure drug, dopamine, is released in the brains limbic system when money is presented as prizes creating a positive psychological affect.
BENDER, R., Why Do Companies Use Performance‐Related Pay for Their Executive Directors? Corporate Governance: An International Review, 12(4), pp
HAMMOND, C., 2016. Mind over Money – The psychology of Money and How to use it better. 1 edn. Edinburgh: Canongate Books.
HARARI, Y.N., 2014. Sapiens: A Brief History of Humankind. London: Harvill Secker.
MCCLURE, S., LAIBSON, D., LOEWENSTEIN, G. and COHEN, J., 'Separate Neural Systems Value Immediate and DelayedMonetary Rewards. Science, 306(5695), pp

10. Industries where Money motivates today
Does Money Motivate Teachers?
Research on motivation shows salary as a primary motivation for teachers participating in leadership programmes
Recruitment advertisements for teachers in the UK highlight financial benefits
Could potentially demonstrate why teachers are being lost to higher paying roles
One vocation where money can be seen as a motivator is teaching. Research in the US has shown that the primary motivating factor for teracher participating in further leadership and development programme is the financial reward. Even in the UK the adverts from the department of education highlight the financial rewards and benefits of becoming a teacher. Teaching if often cited as an industry where money is not the motivation, however this research and the targeted advertisements, could potentially be a reason why many teachers are being lost to other higher paying roles as the salary on offer is not enough to motivate people to join the industry.
BURNS, R., 2016, 09/03/. Teacher recruitment advert complaints rejected. BBC News.
GAWEL, J.E., Herzberg's theory of motivation and Maslow's hierar. Practical Assessment Research and Evaluation, 5(11),.
PIEKEMA, C., 2014, 18/11/. Does money really motivate people? . BBC Future.
SUNDHEIM, K., What really motivates employees? . Forbes.com.

11. Advantages of using Money to Motivate
Multiple Options
Used at all levels of workforce
Immediate gains
Accepted norm
There are many advantages to using money to motivate, there are multiple options such as bonus schemes and cash incentives and it is a tool that is used at all levels if the workforce. Using Maslow’s hierarchy of needs money can be seen as a security need and therefore if this if money is not used as an incentive no other motivating factors will be enough to drive an employee in their role.
BELCHER, L.M., , The Advantages of using money to motivate employees. Available:  2017].
GAWEL, J.E., Herzberg's theory of motivation and Maslow's hierarcy. Practical Assessment Research and Evaluation, 5(11),.

12. When money is not a motivator
The link between compensation (money) and motivation is complex.
We all need money, it is a strong motivator, but motivation can not stop there...
Money can not be a sole motivator if companies want employees to excel at their work.

13. When money doesn’t motivate
Mariners
Intense and hard daily routine and one say: “...the Marines make me shine everyday...”
Doctors
For doctors, money can’t buy job satisfaction but maybe the doctor-patient relationship can.

14. What do companies do to motivate?
Company focused on innovation:
15% rule – make contributions, engage, work on interesting things.

15. Money can or not be a motivator factor?
Money can be a secondary source of motivation for millennials. Depending on their working fields.
Understanding how motivators work best in a given situation is key to motivating information professionals at individual, team, and organizational levels.
It is easy to jump to the conclusion that money, paid directly, can solve most problems of motivation. Money serves as a medium of exchange for most human needs and pleasures. It offers, too, a convenient measure of a man's achievement or recognition in his profession.

16. yes! Is Money a motivator? "Money doesn't matter, except when it does"
"Without enough to live on, other motivations don't matter“
“the money means more to me than the unbeaten record - my daughter can't eat no zero. She can't spend a boxing record. The money is to make sure that my children and my children's children are secure and that they're OK. That's the most important thing.“ (Mayweather 2015)
yes!

17. Groups where money plays two roles on motivation.
Athletes
Politics
Arts

18. Examples and Discussion
What motivates them?
Is it only Money or…?
Being the Best
Power
Fame
Recognition
Expressing themselves
Creation
Pure Joy

19. References
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Taylor, F. (1911). The principles of scientific management. New York: Harper and Brothers.
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Mayo, E. (1933). The human problems of industrial civilization. New York: Macmillan.
Maslow, A. (1954). Personality and motivation. New York: Harper.
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20. References
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21. References
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22. References
ARNULF, J.K., September, 2014-last update, Money as a Motivator. Available:  2017].
BELCHER, L.M., , The Advantages of using money to motivate employees. Available:  2017].
BENDER, R., Why Do Companies Use Performance‐Related Pay for Their Executive Directors? Corporate Governance: An International Review, 12(4), pp
BURNS, R., 2016, 09/03/. Teacher recruitment advert complaints rejected. BBC News.
CHAMORRO-PREMUZIC., T., Does Money Really Affect Motivation? A Review of the Research. Harvard Business Review, .
GAWEL, J.E., Herzberg's theory of motivation and Maslow's hierarcy. Practical Assessment Research and Evaluation, 5(11),.
GILES, E.L., ROBALINO, S., MCCOLL, E., SNIEHOTTA, F.F. and ADAMS, J., The effectiveness of financial incentives for health behaviour change: systematic review and meta-analysis. PloS one, 9(3), pp. e90347.
GRACHEV, M. and RAKITSKY, B., Historic horizons of Frederick Taylor's scientific management. Journal of Management History, 19(4), pp
HAMMOND, C., 2016. Mind over Money – The psychology of Money and How to use it better. 1 edn. Edinburgh: Canongate Books.
HARARI, Y.N., 2014. Sapiens: A Brief History of Humankind. London: Harvill Secker.
MARANDI., E.H. and MOGHADDAS.EJ, , Motivation factors of Blue collar workers verses White collar workers in Herzberg's Two Factors theory. Available:  2017].
MARKOWICH, M.M., Does Money Motivate? Compensation & Benefits Review, 26(1), pp
MCCLURE, S., LAIBSON, D., LOEWENSTEIN, G. and COHEN, J., 'Separate Neural Systems Value Immediate and DelayedMonetary Rewards. Science, 306(5695), pp
PIEKEMA, C., 2014, 18/11/. Does money really motivate people? . BBC Future.
RIPLEY, A., 'Time Magazine - Should kids be bribed to do well in school?  The Education Innovation Laboratory at Harvard University, .
SUNDHEIM, K., What really motivates employees? . Forbes.com.