From the course: Daniel Pink on Motivation
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Yes, money matters, just not how you think
From the course: Daniel Pink on Motivation
Yes, money matters, just not how you think
- Let's talk about something that people don't like to discuss, money. We might think that because intrinsic motivators lead to high performance that money doesn't matter but that is flatly wrong. Let me say this plainly. Money matters. Money matters a lot. Money is a motivator. It just doesn't work in the way that we often suspect. Here's the key idea. In the workplace, in compensation, money is often a proxy for fairness. Okay, what does that mean? In organizations, people measure fairness in two different directions. There's internal fairness. You and I are doing the same kind of job. We have the same level of experience, the same level of contribution and suppose that I find out that you're getting paid 15% more than me. I'm demotivated, why? It's not fair, right? It's not fair. We're doing the same work and you're getting paid more. That's a violation of fairness. Now, external fairness. You and I…
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