In: Economics
Chapter 6 describes four theories of motivation:
1. hierarchy-of-needs theory
2. two-factor theory
3. expectancy theory
4. equity theory
Briefly describe each theory. Which one makes the most intuitive sense to you? Give an example of this theory in your life.
Why do you find this motivation theory appealing?
Hierarchy of needs theory of motivation put forward by Abraham maslow describes how motivation works in human beings. According to this theory human beings work to achieve self actualization. This is the highest need and motivation of a human being.
In order to achieve this highest level of self actualization need human beings has to move through satisfying other hierarchical needs as Maslow himself categorised as " physiological needs, safety needs, belongingness and love needs, and esteem needs. All these five hirarchy of needs really motivates human beings according to Abraham maslow.
Two factor theory put forward by F Herzberg describes that two factors, satisfaction and dissatisfaction that motivates human beings in workplace. He states that when satisfaction increases dissatisfaction diminishes. So we have to take steps to increase satisfaction that automatically diminishes dissatisfaction.
Expectancy theory is developed by Victor H vroom . This theory describes that human beings are motivated due to the expectations of the results of the behaviour and argues that rewards leads to performance.
Equity theory describes that human beings are motivated in a workplace by what they get in return for their efforts from the organisation. Generally human beings try to equate their efforts and their returns. They also try to equate their returns with their peers too. If the returns are fair and equitable, they motivates to perform better.
I think expectancy theory is more appealing.Let us take simple life situations of human being. What is the purpose of the hardwork of a human being. They need to get money to satisfy his needs, to nature his families, to pay his social needs and the like. Money comes to him as a reward for his performance. If better performance gives better rewards to him, he performs better with the expectation of better rewards.
In my life, I am a lazy man but worked 13 hours a day while the payment is given to me on the basis of the performance per hour and assembled 15 pieces per day. It reduced to 9 hours and 10 pieces per day when my salary became a monthly consolidated amount irrespective of my performance.