This is one of the questions I get asked many times. Let's do a series to explore this topic. In the context of the workplace, the elephant in the room is compensation. All of us work for money. Don't believe anyone who tells you money doesn't motivate employees. It does. Just that it is not the only thing, and often it is not the most important thing.
Money is several things at once. Money is survival. If we don't pay enough that our employees worry about making ends meet, they will not be able to focus. Money is fairness. If they are paid the same as a low-performing colleague, they will not be motivated to do well. Money is recognition and appreciation. A good boss gives praise for good work done, and also wants to give you tangible rewards.
Money is a sanitary factor. If you don't pay enough, your employees will not be happy. If you pay enough, paying more does not increase employee satisfaction significantly. Once they are in a financially stable position, they look for more than money. As leaders we must think about what money means to our people. Money is not just money.
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