Monistic theory of motivation is based upon the notion that man is essentially economic. This theory solely hinges on monetary aspect of remuneration or reward to human behavior. Individuals are assumed to be highly responsive to money reward. People feel motivated when rewarded with more money. People repeat their behavior if it leads to reward.
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Monistic Or Economic Theory postulates that:
- Motivation is more effective and direct when based upon individual incentives rather than group incentive
- Incentive is more effective where reward immediately follows the efforts. For example, incentives/bonus paid at the end of the month is more stimulating than paid at the end of the year and
- Quantum of effort is directly related to the amount of reward. For example, the deliberate marginal increase in reward for added output can motivate people to the same extent as the substantial increase in reward does.
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