Often businesses rely on incentives like bonuses, and perks, while all the science suggests those don’t work.
In fact, scientific research has shown extrinsic rewards (eg bonus payments) to be ineffective for sustainable motivation.
Daniel Pink advocates intrinsic motivators that rely on giving employees three key things: autonomy over their work, a feeling they can achieve mastery, and a larger sense of purpose.
So, does that mean pay doesn’t matter? No. It’s important you pay the right base salary, so your team feel they’re valued and treated fairly.
“The best use of money is to take the issue of money off the table . . . Effective organizations compensate people in amounts and in ways that allow individuals to mostly forget about compensation and instead focus on the work itself.” Drive by Daniel Pink.