Money is only one piece of the motivation puzzle

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Dear Joan:

I had a boss that said "money is not a motivator" and therefore did not give raises beyond the cost of living.   So, if you did an exceptional job, there was no financial reward.

I say, money talks!   Financial rewards for going above and beyond should be awarded.   It's fine to say, praise 'em or give them added responsibilities to recognize their value, as a reward.   But look at the flip side - how can having more responsibilities for the same amount of money be a reward.  

 After years and years of working hard, and going the extra mile, I think I'm finally done with the non-monetary rewards.   And I'm done with making my boss rich off my extra efforts, while I get a nice pat on the back.

How about - Show me the money!!

Answer:

I say, “Give me both!”

Your cheapskate boss was twisting the research for his own gain. There is a lot more behind the phrase, “Money is not a motivator.”

What I suspect he is referring to is the fact that money, in and of itself, tends not to motivate. When most people get their paychecks, it doesn’t inspire them to go out and work even harder. There are some exceptions to that, of course. For instance, sales professionals tend to see money earned from commissions as a motivator. But even in that profession, if they don’t enjoy what they are doing, they won’t be motivated for long.

The intrinsic, or internal, motivators have the most fuel factor when it comes to making us want to work harder and better. Those things include, feeling valued and appreciated (what you are paid is linked to this, of course), being challenged to grow and/or advance (more responsibility, for example), and giving input to decision making.

It’s widely accepted that money matters, however. It tends to work like this for most people: if you are paid what is considered a fair wage for what you do, money is neutral on the motivational scale. And if you are overpaid for what you do, it doesn’t make much difference in your degree of motivation. But if you feel that you are not compensated fairly, it becomes a point of dissatisfaction.

In your case, you apparently have some intrinsic motivators on your job—challenge, more responsibility, appreciation. But over time, the praise wears thin and the added responsibility weighs heavily when you start feeling taken advantage of.

Cost of living increases, as a method of increasing salary, are like giving an allowance with no expectations or accountability. Because it’s not linked to reaching goals or getting results, there is little incentive for knocking yourself out. In fact, for someone like you, who continues to go the extra mile, it becomes demotivating when you see others get the same increase as you, without the effort.

At some point, you wipe the sweat off your brow and say, “Why am I killing myself?” And to your point about your employer “getting rich” while you stay the same—or go backwards—it’s the main reason profit sharing and similar wealth sharing systems tend to garner the most employee loyalty and productivity. However, even if an employer offers merit pay, bonuses, stock options and the like, employees still won’t be fully satisfied—or motivated-- without the internal motivators most people seek.

So, you’re justified to say, “I want both!”

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