Final answer:
Equity theory helps understand motivation in the workplace by suggesting that employees are motivated to achieve a balance between their inputs and the outcomes received, influencing their job satisfaction. The functionalist perspective, including the Davis-Moore thesis, and the efficiency wage theory further complement this understanding by associating rewards with motivation for higher achievement and productivity.
Step-by-step explanation:
Equity theory plays a significant role in understanding job satisfaction and motivation at work. It suggests that employees seek to maintain equity between the inputs that they bring to a job and the outcomes that they receive from it, in comparison with others in similar positions. When employees perceive an imbalance in this ratio, they might be driven to adjust their level of effort to restore equity, leading to changes in motivation and job satisfaction. Studies have shown that employees who experience autonomy, control, and a sense of being integral to work outcomes tend to exhibit higher job satisfaction. This relates to the symbolic interactionist approach which emphasizes the role of individual agency and meanings in the work context.
Moreover, from a functionalist perspective, the Davis-Moore thesis explains that social stratification can lead to a distribution of rewards that motivates individuals to pursue higher education and more challenging professions, thereby ensuring that the society's economic engine runs smoothly. On the other hand, the efficiency wage theory posits that providing wages above market rate can boost employee productivity, as well as discourage turnover, which is beneficial for both the employer and employee. This economic concept can be tied back to equity theory in that workers perceive their higher pay as a reflection of their worth and contribution to the organization, thereby influencing their motivational levels.