There has been extensive research proving that money is not the motivating factor for promoting desirable behaviour in business. Many entrepreneurs stated that they are driven by SUCCESS and to be even more specific, lasting success.
Employees are also driven by more emotional sources of motivation. Ive been on both sides of the fence an employee and employer and it definitely helps to have these two perspectives. My PhD is focusing on designing and implementing a motivation and rewards system for government employees.
In Cyprus, government jobs are secure and unless there is a very extreme breach of behaviour, the job is there for life i.e. until the age of retirement. Money becomes a default motivator as it is something tangible and measurable. However, when it is the primary goal, it feeds the self-serving emotion of greed. The work ethic often slips and there is often strife amongst employees and a sense of jealousy rather than a united workforce.
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