An important part and parcel of the human resource management is defined as motivating the workforce and over time certain theories have been cultivated which allow the management to motivate the workers through different forms and mediums. The theories have been created in such a manner that they deal with the needs of the workforce; whether they be merely physiological needs or whether they pertain to the self-actualization needs.
The management has to focus on identifying the need before any action is taken to satisfy the need; as otherwise the act of motivation itself would be left unfulfilled.
One of the most famous of motivational theories; Maslow’s Hierarchy of needs deals with the basic requirements of mankind including the need for basic amenities of life-these needs can be fulfilled by money and hence, money acts as a motivator in this particular case. Whether it is the basic needs or needs with a greater importance on this hierarchy, the needs have to be catered to and only than can a proper relationship be created between the workforce and the management. If one was to analyze the effect of money in terms of its role as a motivating tool, it could be seen that its effect is only short-lived and consistent usage of this tool could only result in dissatisfaction on the behalf of the workforce and an overall negative relationship would be created.