Would people rather have pride in their work than better pay? Jon Katzenbach thinks so.
Katzenbach, who has long studied high-performing organizations, thinks that it comes down to one core issue: building pride. In bad times, when money is tight and people are highly skeptical of top leadership, building pride on the front lines of business is central to performance, says the silver-haired consultant and author of Why Pride Matters More Than Money (Crown Business, 2003).
It makes sense, but I think money still matters. Here's another quote that reflects my own beliefs on this issue:
It doesn't help that in most companies today, money is scarce, and stock-option plans are likely to be pared back as more corporations expense options on their income statements. Besides, the money is almost beside the point. If they are being paid reasonably, workers are far more likely to rank feeling fully appreciated and having interesting work as more important than high wages or job security. "Money attracts and retains people better than it motivates them to excel," argues Katzenbach.