What are people driven by?
In this NZZ interview with Mr. Brady W. Dougan, CEO of Credit Suisse, I heard Mr. Dougan say the following:
The remarks by Mr. Dougan raise an interesting question: What are people driven by? In this regard, I came across some interesting experiences / studies:
# 1
Reading this article, I learned about what the management of BMW has discovered: The people, who work for BMW, are intrinsically motivated people who do not need carrots in order to be able to move.
# 2
In this 4½ minute video, Gary Hamel mentions that initiative, creativity, and passion, that create wealth in the creative economy, cannot be commanded.
# 3
In this 1 minute video, Alfie Kohn explains that the more you reward students for doing something, the more they tend to lose interest.
# 4
In this Time article, I read about the findings of Edward Deci. Mr. Deci’s research shows that money - like other tangible rewards - does not work very well to motivate people over the long term, particularly for tasks that involve creativity.
# 5
In this 2 minute video, Tom Malone talks about the importance of focusing on intrinsic motivation in an economy that is driven by knowledge.
# 6
In this McKinsey Quarterly article, I learned that non-financial incentives are more effective than financial incentives. In particular, praise and commendation from immediate manager is a considerably more effective incentive than the most effective financial incentives.
# 7
Via this blog posting by Joe Bower, I came across an 11 minute video about Daniel H. Pink’s book Drive. Watching the video, I learned, for example, this: For simple, straight forward, mechanical tasks, you can force a higher performance by paying people more money / using the carrot-and-stick approach. However, when a task gets more complicated, when it requires some conceptual creative thinking, these kinds of motivators don’t work. Watching the video, I also learned that there are 3 factors which lead to better performance and personal satisfaction:
1. Autonomy, i.e. the desire to be self directed.
2. Mastery, i.e. the urge to get better.
3. Purpose.
# 8
At the end of the 4 minute video below, Mr. Peter Brabeck explains that sometimes, financial institutions have been forgetting what their real roles in society should be.
”Our compensation systems were an important aspect of us being able to deliver that kind of performance through a very challenging period..”
The remarks by Mr. Dougan raise an interesting question: What are people driven by? In this regard, I came across some interesting experiences / studies:
# 1
Reading this article, I learned about what the management of BMW has discovered: The people, who work for BMW, are intrinsically motivated people who do not need carrots in order to be able to move.
# 2
In this 4½ minute video, Gary Hamel mentions that initiative, creativity, and passion, that create wealth in the creative economy, cannot be commanded.
# 3
In this 1 minute video, Alfie Kohn explains that the more you reward students for doing something, the more they tend to lose interest.
# 4
In this Time article, I read about the findings of Edward Deci. Mr. Deci’s research shows that money - like other tangible rewards - does not work very well to motivate people over the long term, particularly for tasks that involve creativity.
# 5
In this 2 minute video, Tom Malone talks about the importance of focusing on intrinsic motivation in an economy that is driven by knowledge.
# 6
In this McKinsey Quarterly article, I learned that non-financial incentives are more effective than financial incentives. In particular, praise and commendation from immediate manager is a considerably more effective incentive than the most effective financial incentives.
# 7
Via this blog posting by Joe Bower, I came across an 11 minute video about Daniel H. Pink’s book Drive. Watching the video, I learned, for example, this: For simple, straight forward, mechanical tasks, you can force a higher performance by paying people more money / using the carrot-and-stick approach. However, when a task gets more complicated, when it requires some conceptual creative thinking, these kinds of motivators don’t work. Watching the video, I also learned that there are 3 factors which lead to better performance and personal satisfaction:
1. Autonomy, i.e. the desire to be self directed.
2. Mastery, i.e. the urge to get better.
3. Purpose.
# 8
At the end of the 4 minute video below, Mr. Peter Brabeck explains that sometimes, financial institutions have been forgetting what their real roles in society should be.
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