Final answer:
The statement is FALSE because money is not the sole motivator for employees; job satisfaction is more influenced by variety, task difficulty, and role clarity. Pay level has a weak correlation with job satisfaction, and higher wages can lead to increased technological investment but fewer hires.
Step-by-step explanation:
The statement 'Money as a motivator only includes pay' is FALSE. While money is indeed a significant motivator for many people, it is not the only factor that motivates workers. Research has revealed that job satisfaction is more strongly associated with the work-content factor, which includes variety, the difficulty level of tasks, and clarity of one's role in the organization. In contrast, the correlation between pay level and job satisfaction is relatively weak, suggesting that other motivators play a critical role in how satisfied employees feel at work. Additionally, there is an interesting dynamic in workplaces where higher wages can lead to technological investment by firms, making union workers more productive with advanced machinery but potentially resulting in fewer workers being hired.