The same theories and principles of motivation obtain in the workplace. The same problems confront management about how to motivate officers and employees to become more productive, more perceptive, intelligent, and creative in order to drive company objectives of gaining a competitive edge and obtaining better-than-average results.
This paper aims to discuss the concept and theories of motivation and seek to analyze how they apply in the workplaces of the US financial services industry. An understanding of what motivates workers effectively is important for those who would like to tap the human resource component of a financial services firm to contribute towards synergy in the achievement of organizational goals.
Motivation is defined as the process of inducing a person or a group of people, each with distinct needs and personalities, to achieve the organizations objectives, while also working to achieve their own objectives (Stoner and Wankel 358). Despite the fact that every individual is unique, certain underlying principles and theories of motivation can be applied by managers to enable them to understand as well as predict peoples responses to task challenges. In a specific organization, the principal objective is stimulate employees to work and produce more effectively. In addition, it should also be an important goal to encourage current employees, particularly the efficient ones, to remain with the firm. Because the company may from to time increase or replenish its personnel, a corollary objective is to encourage potential employees to join the organization.
There is a lot of productivity potential in most workplaces as it is estimated that about 75 per cent of workers acknowledge that they are performing below their potential (Stoner 360). The challenge to management is therefore how to tap that reservoir of energy and talent. The ability to contribute value through work may be