A mismatch of what Science knows and what Business does.
Companies often use extrinsic motivators such as a big fat pay cheque and huge bonus to retain an employee’s loyalty. This might work in the 20th century and pre-COVID-19 world, where companies have fixed operational processes with clear outcomes.
However, in this 21st Century and especially during this COVID-19 pandemic, businesses no longer have a clear playbook. Business solutions and outcomes are no longer certain and what used to work might not work anymore. What is needed is to have intrinsic motivators that will spur employees to tackle the business issues with innovative solutions.
As described by Daniel Pink in his book “Drive” – beyond a certain level of pay, intrinsic motivators such as the following certainly matter more:
1. Giving employees AUTONOMY
2. Allowing them to gain MASTERY
3. Seeing PURPOSE in what they do
For companies which are currently staffed with employees, who are largely motivated by extrinsic motivators, be very afraid.