Tomas Chamorro-Premuzic, Professor of Business Psychology at University College London, compiled a few recent studies over at HBR blog network, with the goal of determining, once and for all, whether money makes us perform better at work.
The first research he examined, a meta-analysis in the Journal of Vocational Behavior, showed that there was a less than 2 percent overlap between pay and job satisfaction. A Gallup poll from 2011 bore out these findings, with income levels making no significant difference in employee engagement.
More damning to our hopes for a raise are the two studies that follow, which show that extrinsic rewards (e.g. cash, candy, free tickets to the sporting event of your choice) actually make people perform less well.
What does boost performance? Intrinsic motivation -- in other words, interest, passion, and commitment separate from compensation. Which is not to say that we don't need money.
"Of course, that doesn't mean that we should work for free," Chamorro-Premuzic writes. "We all need to pay our bills and provide for our families -- but once these basic needs are covered the psychological benefits of money are questionable."
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