Motivation with money isn’t right for everyone. New research shatters myths

British scientists have conducted research in 33 countries around the world and questioned the claim that all people have unlimited desires. This work provided evidence that this principle is not universal and really only applies to a minority of people. 86% of those surveyed named a specific amount of money that would allow them to achieve their ideal life, and a substantial minority wanted an infinite amount of money. Aspirations for unlimited needs were identified in younger people among those surveyed.

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It’s important to tailor ways of engagement individually for each employee based on their membership of a particular motivational group.

Research disproves the notion that monetary rewards are the only and most effective type of motivation for all employees. An increase in income does increase motivation, but it is short-term and if the increase is more than 7-8%. After a few months, employees get used to a higher salary.

If for one employee the main motivation is money, for another employee status, result, idea or comfort come to the fore.

The following motivational groups can be distinguished:

Stability and comfort. Such people value confidence in the future – when looking for a job, they pay attention to the availability of clear job descriptions, rigid schedule, absence of overtime and delays in payment of wages. They are ready to be satisfied with a low salary and are not inclined to leave their comfort zone.

Their main motivation is free time, compliance with formalities and instructions, timely payment of wages, provision of personal space.

“Money and once again money.” Representatives of this group can sacrifice their time and comfort for the sake of increasing the level of income. At the interview they are interested in bonuses, opportunities for additional earnings in case of overtime, prospects for material growth. Their main motivation is salary growth, bonuses, allowances.

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“Successful success”. Strive to be part of large corporations with a global reputation and stand out from others. Demonstrate self-sufficiency, but expect attention and public recognition. Their main motivation is praise, recognition, status position, room for action and independent decision making.

Challenge and Results. Like to overcome difficulties and solve complex problems. Ready to overwork for the sake of achieving results. At the interview they talk about numbers and realized projects. Their main motivation is challenging and interesting tasks, career growth, trust of superiors, autonomy in decision-making, corporate training.

“Romance of a big idea”. Authors of the most unconventional approaches and ideas. They often catch fire with new ideas and directions of development, but do not always bring what they have started to the end. Their main motivation is help and support in realization of the idea, approval.

PhD in Psychology, Head of Corporate University

How to determine how to properly motivate a person? Find out the type of his motivation by talking and asking a number of questions. Listen attentively to the answers and correlate them with the types of motivation, what factors are more, on that type of motivation and be guided. Take into account that the leading motives can change with time, change of circumstances, views of a person.

In order to move forward, motivation is necessary for everyone, so, starting some business, you need to honestly answer yourself what will move you. And in order to motivate yourself, there are special books. We have collected five excellent works that will help you find your path and move along it.