There is a mismatch between what science knows and what business does. I mentioned this some time ago in this post:
http://onexerxes.blogspot.com/2010/06/money-doesnt-motivate-people.html
Basically the point is that for sophisticated tasks, money doesn't motivate people. Actually, any extrinsic rewards do not motivate people. You need intrinsic motivation. Dan Pink puts it really well in the below video, quoting my favorite behavioral economist, Dan Ariely:
I saw that a while ago anf really enjoyed it also.
ReplyDeleteAhh! Things seemed similar. Dan Pink had given a talk at RSA and the blackboard video is inspired from it.
ReplyDeleteThere was even a similar experiment conducted in US schools to improve grades with monetary rewards. My weak memory says the results were on the same line.
What I have observed is that more people are moving towards what they dreamt to accomplish; sometimes requiring a rock to turn them back and sometimes intrinsic properties!