2nd Chapter (Unit 2) Motivation

I have to apologize for my delayed post but better late than never. Last time I summarized chapter 1.7 of unit 1 about Growth and Evolution in business of the IBD book Business and Management.
Today I will talk about Motivation, chapter 2.5 of unit 2.
What is motivation? Motivation is the desire, passion and willingness to complete a task or a job with enthusiasm. It can be also defined as a way of getting people to do something you want or people want to do for themselves. Motivation is really important for businesses and managers need to understand how to motivate their staff in order to achieve the business’s organizational objectives and aims.
Benefits of a motivated workface are:
-higher profit
-higher job satisfaction which leads to improved product and better quality
-better industrial relations as it reduces the chances of conflict
-reduces the cost of hiring staff
On the opposite sides demotivated workforce prevents a good performance of a business. So managers have to be aware of the following demotivation signs:
-low quality output
-poor punctuality
-disciplinary problems
-high percentage of workforce that miss work
-high wastage level
Motivation can be classified in intrinsic or extrinsic.
Intrinsic motivation means that people engage in an activity out of their own desire. It is for example challenging stimulating or satisfying for them.
Extrinsic motivation means people engage or participate in an activity because of the benefits and rewards such as wages, salaries, bonuses or recognition and praise.
Theories have been developed over the years investigating how to motivate people.
One of those famous theories was made up by Frederick Taylor an American engineer and inventor who assumed that employees get motivated by money. He also believed that higher productivity could be achieved by setting output and efficiency targets related to pay.
Maslow an American psychologist believed in the psychological need of workers. He made up five levels of needs which he called the hierarchy of needs. Starting with lowest level from Physiological need (water, food, air, warmth and sleep)to Security needs ( daily structure and routine, protection from harm as well as retirement income) to Social needs ( being accepted) and can be satisfied by communication for example, to esteem need ( recognized by others) up to the last level of self-actualization( forces that drive a person to become the best that they can be)
Another theory was made up by Frederick Herzberg that there are two categories of factors affecting the level of motivation one are hygiene factors (physical) and the other ones are motivator ( psychological)
He said that Motivators like achievement, advancement, personal growth, responsibility, recognition and interesting tasks are causes of satisfaction and hygiene factors such as company policy, rules, relationship with peers or supervisors, security, salary and wages and working condition are causes of dissatisfaction.