The two-factor theory is also known as Herzberg's motivation-hygiene theory and dual-factor theory. The two factor theory states that there are certain factors in the workplace that cause job satisfaction, while a separate set of factors cause dissatisfaction. It was developed by psychologist Frederick Herzberg, who theorized that job satisfaction and job dissatisfaction act independently of each other. Frederick Herzberg conducted a study. He interviewed 200 accountants and engineer. He asked them to think of a time when they felt good at their jobs and a time when they felt bad about their jobs and then to describe conditions which leads to such feelings. Researchers concluded that factor responsible for job satisfaction is different form factor that leads to dissatisfaction. Job satisfaction and job dissatisfaction are different from each other’s. Absence of job satisfaction does not mean in job dissatisfaction but it is no job satisfaction. The factors are classified as follows: Motivational Factors Hygiene\ Maintenance Factors 1.Motivational Factors: These factors are related to nature of work, job content and are intrinsic to job itself. These factors have a positive influence on morale, satisfaction, efficiency and higher productivity. Some of these factors are achievement, recognition, responsibility, advancement, work itself and possibility of growth. 2.Hygiene Factors: These factors are related to job context and are extrinsic to job. Hygiene factors do not motivate people. They simply prevent dissatisfaction and maintain status quo. They produce no growth but prevent loss. The absence of company policy, administration, status, job security, salary, relations with subordinates and supervisors, work condition, peer relations and personal life.

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Subject: Organizational Behaviour
Topic: to what extent is money a
motivator?
Project Submitted By: Project Submitted To:
Name: Zil Shah Prof.D.I.Cabral
Class: E-MBA
Roll No: 81

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INDEX
SSrr..NNoo.. TTooppiiccss PPaaggee NNoo..
1. Acknowledgement 3
2. Synopsis 4
3. Company Profile – Axis
Bank
6
4. Objective of Study 10
5. Methodology 13
6. Survey 15
7. Analysis & Findings 18
8. Conclusions 22
9. Recommendations 23
10. Bibliography 24
11. Annexure 25

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ACKNOWLEDGEMENT
I would like to thank all those who have directly or
indirectly helped me in completing this project
report. I would like to thank Prof.D.I.Cabral for
giving me this project and also for his continuous
guidance which helped me to successfully do the
project.
I would specially like to thank Ms. Esha Shah and
Ms. Manjri Gautam from AXIS Bank for their
cooperation and guidance and also Helping me in
collecting data from the employees. I want to
extend my sincere gratitude to the employees who
took out time and answered the questionnaire for
this study.

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SYNOPSIS
Objective:
The objective of this study was to find out
whether money is motivational factor among
the manager and employees at Axis Bank.
This survey focused on the motivational theory
with respect to Frederick Herzberg’s two factor
theory.
People deal with money on daily basis so to find
is money their motivational factor if yes then till
what extent.
Methodology:
Studying the concept of motivation among the
managers and employees at Axis Bank.
Preparing a relevant questionnaire to know
motivational factor among the managers and
employees at Axis Bank.
Analysis the answers of the questionnaire and
conclude accordingly.

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Analysis & Findings:
Employees are not satisfied with their salary.
Majority of employees feel that helpful and
encouraging senior manager can help in
motivating them.
Most of the employees work for recognition.
Most employees appreciate non cash rewards.
Conclusion & Recommendations:
Time is more valuable than money. You can get
more money, but you cannot get more time.
with or without money, many people agree that
being rewarded with given time away from their
jobs to do what they love is a major motivation.
People who are happy with their lives can keep
their jobs happy, plain and simple.
People need more than just money to satisfy their
lives and motivate them to accomplish for more i.e
recognition.
Volunteering to help other to motivate
themselves.
Everyone needs to be challenged, pushed and
encouraged to broaden their horizons further
than ever before

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COMPANY PROFILE
Axis Bank is the third largest private sector bank in
India. Axis Bank offers the entire spectrum of
financial services to customer segments covering
Large and Mid-Corporate, MSME, Agriculture and
Retail Businesses.
The Bank has a large footprint of 2402 domestic
branches (including extension counters) and
12,922 ATMs spread across the country as on 31st
March 2014. The overseas operations of the Bank
are spread over its seven international offices with
branches at Singapore, Hong Kong, Dubai
International Financial Centre, Colombo and
Shanghai and representative offices at Dubai and
Abu Dhabi. During the year, the Bank has
upgraded its representative office in Shanghai,
China to a branch to become the first Indian
private sector bank to set up a branch in China.
During the year, the Bank’s overseas subsidiary
namely Axis Bank UK Ltd. commenced banking
operations.

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Axis Bank is one of the first new generation
private sector banks to have begun operations in
1994. The Bank was promoted in 1993, jointly by
Specified Undertaking of Unit Trust of India
(SUUTI), Life Insurance Corporation of India (LIC),
General Insurance Corporation of India (GIC),
National Insurance Company Ltd., The New India
Assurance Company Ltd., The Oriental Insurance
Company Ltd. and United India Insurance
Company Ltd. The shareholding of Unit Trust of
India was subsequently transferred to SUUTI, an
entity established in 2003.
With a balance sheet size of Rs.3,83,245 crores as
on 31st March 2014, Axis Bank has achieved
consistent growth and stable asset quality with a 5
year CAGR (2010-14) of 21% in Total Assets, 19%
in Total Deposits, 23% in Total Advances and 28%
in Net
PROMOTERS:
Axis Bank Ltd. has been promoted by the largest
Financial Institutions of the country, UTI, LIC, GIC
and its subsidiaries. The Bank was set up in 1993
with a capital of Rs. 115 crore, with UTI
contributing Rs. 100 crore, LIC - Rs. 7.5 crore and
GIC

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SUBSIDARIES:
Axis Capital Ltd.
Axis Private Equity Ltd.
Axis Trustee Services Ltd.
Axis Asset Management Company Ltd.
Axis Mutual Fund Trustee Ltd.
Axis Bank UK Ltd.
Axis Securities Ltd.
Axis Finance Ltd.
CAPITAL STRUCTURE:
The Bank has authorized share capital of Rs. 850
crores comprising 850,000,000 equity shares of
Rs.10/- each. As on 31st March 2014, the Bank has
issued, subscribed and paid-up equity capital of
Rs. 469.84 crores, constituting 469,844,553 equity
shares of Rs. 10/- each. The Bank’s shares are
listed on the National Stock Exchange and the
Bombay Stock Exchange. The GDRs issued by the
Bank are listed on the London Stock Exchange.

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NETWORK:
The Bank has a network of 2402 domestic
branches (including extension counters) and
12,922 ATMs spread across the country as on 31st
March 2014. The overseas operations of the Bank
are spread over its seven international offices with
branches at Singapore, Hong Kong, DIFC (Dubai
International Financial Centre), Colombo and
Shanghai and representative offices at Dubai and
Abu Dhabi. During the year, the Bank’s overseas
subsidiary namely Axis Bank UK Ltd. commenced
banking operations.
PRODUCT & SERVICES:
Bank Account
Deposits
Loans
Cards
Investments
Insurance
Forex
EDGE loyalty rewards
Safe deposit locker

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10
Objective of Study
The two-factor theory is also known as
Herzberg's motivation-hygiene theory and dual-
factor theory. The two factor theory states that
there are certain factors in the workplace that cause
job satisfaction, while a separate set of factors
cause dissatisfaction. It was developed by
psychologist Frederick Herzberg, who theorized
that job satisfaction and job dissatisfaction act
independently of each other.
Frederick Herzberg conducted a study. He
interviewed 200 accountants and engineer. He
asked them to think of a time when they felt good
at their jobs and a time when they felt bad about
their jobs and then to describe conditions which
leads to such feelings. Researchers concluded that
factor responsible for job satisfaction is different
form factor that leads to dissatisfaction. Job
satisfaction and job dissatisfaction are different
from each others. Absence of job satisfaction
does not mean in job dissatisfaction but it is no job
satisfaction.

11. Page
11
The factors are classified as follows:
Motivational Factors
Hygiene Maintenance Factors
1. MotivationalFactors:
These factors are related to nature of work, job
content and are intrinsic to job itself. These
factors have a positive influence on morale,
satisfaction, efficiency and higher productivity.
Some of these factors are achievement,
recognition, responsibility, advancement, work
itself and possibility of growth.

12. Page
12
2. Hygiene Factors:
These factors are related to job context and are
extrinsic to job. Hygiene factors do not motivate
people. They simply prevent dissatisfaction and
maintain status quo. They produce no growth
but prevent loss. The absence of company
policy, administration, status, job security,
salary, relations with subordinates and
supervisors, work condition, peer relations and
personal life.
The main objective is to find motivational factor
of manager and employees in bank who deals
with money on daily basis. If money motivates
the employees then till what extent it motivates
them.

13. Page
13
METHODOLOGY
Area of study:
The main objective is to find motivational factor of
manager and employees in bank who deals with
money on daily basis. If money motivates the
employees then till what extent it motivates them.
To find the objective I opted for Frederick
Herzberg’s two factors theory. Questionnaire was
made and survey was conducted at Axis Bank.
Through analysis and then conclusion was draw.
How was it done:
Following are the steps in which the project was
undertaken:
Define the objective of the study.
Prepare a questionnaire relating to the study.
Visit the Bank.
Conduct a survey in the Bank.
Find out the results.
Conclude the project by giving suggestions on
the basis of outcomes.

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14
The questionnaire method was used for this
study as it is much better and easy to find out the
responses of the people through questionnaire
method. It also gives the exact information that one
looks for and also provides accurate results. With
the help of questionnaire and statistical
representation of the study it helps in
understanding the data in a more logical and better
manner.

15. Page
15
SURVEY
Project questionnaire
1. Age :
o Below 25
o 25-50
o Above 50
2. Salary :
o Below 20000
o 20000-50000
o Above 50000
3.What do feel about your salary?
o You are over paid
o You are under paid
o You are satisfied with what you earn
4.Work experience :
o Below 1 year
o 1-5 year
o 6-10 year
o Above 10 year
5. Do you feel Axis Bank values you?
o Yes
o No

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16
6. What can motivate you at work?
o Helpful and encouraging senior manager
o Money
7. What motivates you to put forth your best effort
in Axis Bank?
o Recognition
o Opportunity for growth
o Pay
o Challenging work
8.Do you think non-cash rewards i.e. gifts ,
vacation, tickets to an amusement park, family
dinner at hotel etc. can motivate you to do work?
o Yes
o No
9.In given situation what would you prefer?
o Rs 10000
o Article on your work in company magazine
10. Which of the following jobs would you prefer?
o Highly paying job but with no recognition or
appreciation of your efforts.
o Moderately paying job with recognition and
appreciation of your efforts.

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17
11. Does your manager or supervisor encourages
you and you have open and honest
communication with himher?
o Yes
o No
12. You work in that industry where you deal with
money only so what do you think will motivate
you to work the most?
o job security
o Financial rewards
o Job satisfaction
o Promotion
o awards
13. Have you ever done volunteer work?
o Yes.
o No.
14. Why did you volunteer to do the work?
o For the challenge
o Public recognition
o Personal satisfaction
o Meet new people
o Other

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18
Graphical Representation
1.What do feel about your salary?
2.What can motivate you at work?
3. What motivates you to put forth your best effort
in Axis Bank?
SALARY
OVER PAID
UNDER PAID
SATISFIED
MOTIVATE YOU AT WORK
MANAGERS
MONEY
MOTIVATES YOU TO PUT FORTH YOUR
BEST EFFORT
RECOGNITION
GROWTH OPPORTUNITY
PAY
CHALLENGING WORK

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19
4.Do you think non-cash rewards i.e. gifts , vacation,
tickets to an amusement park, family dinner at hotel
etc. can motivate you to do work?
5. You work in that industry where you deal with
money only so what do you think will motivate
you to work the most?
6. Why did you volunteer to do the work?
0
1
2
3
4
5
JOB SECURITY FINANCIAL
REWARD
JOB
SATISFACTION
PROMOTION AWARDS
MOTIVATE YOU TO DO WORK
0
2
4
6
CHALLANGE
RECOGNITION
PERSONAL
SATISFACTION MEET NEW
PEOPLE OTHERS
VOLUNTEERING TO DO WORK
YES NO

20. Page
20
Data Analysis
A B C D E
1 4 6 5
2 3 7 5
3 0 12 3
4 3 4 4 4
5 15 0
6 12 3
7 6 4 1 4
8 12 3
9 2 13
10 2 13
11 11 4
12 1 2 5 4 3
13 13 2
14 3 5 3 2 2

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21
Findings
Age, salary and work experience are inter
related to each other.
Employees are not satisfied with their salary.
Majority of them feel that they are underpaid
Employees feel that bank values them.
Majority of employees feel that helpful,
encouraging and having open and face to face
communication with senior officer/manager can
help in motivating them.
Most of the employees work for recognition.
The other work for growth opportunity and
challenges.
Most employees appreciate non cash rewards.

22. Page
22
CONCLUSION
Money is certainly important but as a personal
driver. You earn money for existence or you are
striving for a house or a holiday but beyond that
money is not a motivator for majority of people.
Time is more valuable than money. You can get more
money, but you cannot get more time. With or
without money, many people agree that being
rewarded with given time away from their jobs to do
what they love is a major motivation.
Money never made a man happy yet, nor will it. The
more a man has, the more he wants. Instead of filling
a vacuum, it makes one. People who are happy with
their lives can keep their jobs happy, plain and
simple.
Having a lot of money is great, but people need more
than just money to satisfy their lives and motivate
them to accomplish for more i.e recognition
You have not lived a perfect day, even though you
have earned your money, unless you have done
something for someone who will never be able to
repay you. Volunteering to help other to motivate
themselves.
The greatest thing in the world is not so much
where we stand, but in what direction we are
moving. Everyone needs to be challenged, pushed

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23
and encouraged to broaden their horizons further than
ever before. While promotions often come with a
raise in pay, it is often the new position, new
responsibilities and excitement of change that is the
true motivation.
RECOMMEDATION
Try asking your employees questions once a
month and create a regular conversation
motivates employees. Questions like:
1. What has been the most exciting work
experience for you this month and why?
2. Do you consider your current role your ideal
job?
3. Do you feel that you get purpose from our
mission and vision?
Encourage them to come with new ideas and a
personal mission.
Awards, article in magazine, employee of the
month etc motivates them.

24. Page
24
BIBLOGRAPHY
Class Notes by Prof. D.I.Cabral
Reference Book on Organizational Behavior –
Nishi Kaul , Supriya Singh, Shivi Saxena (page
no.- 99)
www.axisbank.com
ANNEXURE – I
 15 Sample Questionnaire Copies.

25. Page
25
ANNEXURE - II
Surveys and research studies repeatedly show that
other factors motivate more than money. Examples
appear in the newspapers every week.
Motivating people: Getting beyond money
The economic slump offers business leaders a chance to more
effectively reward talented employees by emphasizing
nonfinancial motivators rather than bonuses.
November 2009 | byMartin Dewhurst, Matthew Guthridge, and Elizabeth Mohr
Companies around the world are cutting back their
financial-incentive programs. Numerous studies have
concluded that for people with satisfactory salaries
and some nonfinancial motivators are more effective
than extra cash in building long-term employee
engagement. Many financial rewards generate short-
term which have damaging unintended consequences.
Why haven’t many organizations made more use of
cost-effective nonfinancial motivators at a time when
cash is hard to find? One reason is money is what
really counts. While executives themselves may be
equally influenced by other things, they still think
that bonus is dominant incentive for most people.
“Managers see motivation in terms of the size of the
compensation,” says an HR director from the
financial-services industry. Another reason is
probably that nonfinancial ways to motivate people
require more time and commitment from senior

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26
managers.
One HR director we interviewed spoke of their
tendency to hide in their offices primarily reflecting
uncertainty about the current situation and outlook.
This lack of interaction between managers and their
people creates a highly damaging relationship with
employees.
One biotech company has reframed the incentives
issue by putting focus on “recognition” instead of
“reward” in order to inspire a more thoughtful
discussion about what motivates people. “One-on-
one meetings between staff and leaders are hugely
motivational, they make people feel valued during
these difficult times.” says an HR director.
During the economic crisis, as one of the least
effective nonfinancial motivators, along with unpaid
or partially paid leave, training programs, and
flexible work arrangements
A chance to lead projects is a motivator that only half
of the companies in our survey use frequently,
although this is a particularly powerful way of
inspiring employees to make a strong contribution at
a challenging time. Such opportunities also develop
their leadership capabilities, with long-term benefits
for the organization. One HR director in the basic
materials industry explained that involvement in
special projects “makes people feel like they’re part
of the answer and part of the company’s future.”

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27
A survey by Development Dimensions
International published in the UK Times
newspaper in 2004 interviewed 1,000 staff from
companies employing more than 500 workers, and
found many to be bored, lacking commitment and
looking for a new job. Pay actually came 5th
in the
reasons people gave for leaving their jobs.
The main reasons were lack of stimulus jobs and
no opportunity for advancement - classic Herzberg
motivators - 43% left for better promotion chances,
28% for more challenging work; 23% for a more
exciting place to work; and 21% and more varied
work.
Article in Times of India
The people who are always the most unhappy are
those who focus on spending their money. The
lottery prize-winners who give up work and pursue
material and lifestyle pleasures soon find that life
becomes empty and meaningless. Money, and
spending it, is not enough to sustain the human
spirit. We exist for more.