Explain "Money is not the only motivator" in context of motivation of employees of an organisation.

Explanation

"Money is not the only motivator." This statement is true in this context that an individual has certain psychological, emotional and social needs. Money cannot satisfy them.
In order to satisfy these needs, following non-financial incentives are required
(i) Promotion If an individual gets promotion in the organisation, it satisfies him psychologically as he gets a feeling that his hardwork is recognised.
(ii) Job security Every individual needs stability in terms of future income, job, etc. If their job is secure, they do not feel worried and work with greater zeal.
(iii) Employee participation It means involving employees in decision-making process. This kind of programmes motivate employees and they feel that their suggestions are of worth.
(iv) Employee recognition programmes It means acknowledgment for participation. If an employee has performed well then a certificate or momentum should be presented to him. This will motivate him to perform better in future also.