New Economy and Old Rewards Don’t Mix

For several years now, many of us have been saying that the business world has changed and that many of our tools in our toolboxes have become outdated.   One of those tools is our incentive structure:  our carrots and sticks.  In this video Dan Pink makes an argument, a very persuasive one at that, to change the way we do business.  Take a look and let us know what you think…

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3 thoughts on “New Economy and Old Rewards Don’t Mix

  1. I agree completely. The problem, however, lies in the average company’s ability to communicate to employees how their efforts matter, how they are making a difference and why what they do is important both to the company and to what the company is trying to achieve in the world. That’s where strategic recognition comes in.

    As Dan points out, companies lack the structures and systems necessary for motivating 21st century creative workers. Unlike extrinsic incentive awards that are known before the task is completed, strategic recognition is given spontaneously after the behavior or action being recognized occurs. Done properly to feed employee needs for intrinsic motivation, strategic recognition affirms for employees how their efforts matter to the group, team, company or customer achieving their goals and why those efforts are important within a much larger context of the company’s strategic objectives and the values that are important to them.

    The spontaneity and sincerity of such recognition is what motivates employees to keep doing those things that bring personal fulfillment as well as company success. Building such an intrinsic motivational system on a platform that is also measurable and governable also gives company leaders the bottom-line proof they need of the value of these systems.

  2. Thanks for posting. We’re also inspired and motivated by the work of Daniel Pink and appreciate your interest in the man behind the groundbreaking bestseller, A WHOLE NEW MIND. I’m excited to let you know that December 29 marks the release of Pink’s latest book, DRIVE.

    Bursting with big ideas, DRIVE is the rare book that will change how you think and transform how you live.

    Forget everything you thought you knew about how to motivate people–at work, at school, at home. It’s wrong. As Daniel H. Pink explains in his new and paradigm-shattering book Drive: The Surprising Truth About What Motivates Us, the secret to high performance and satisfaction in today’s world is the deeply human need to direct our own lives, to learn and create new things, and to do better by ourselves and our world.

    Drawing on four decades of scientific research on human motivation, Pink exposes the mismatch between what science knows and what business does–and how that affects every aspect of our lives. He demonstrates that while the old-fashioned carrot-and-stick approach worked successfully in the 20th century, it’s precisely the wrong way to motivate people for today’s challenges. In Drive, he reveals the three elements of true motivation:

    *Autonomy- the desire to direct our own lives
    *Mastery- the urge to get better and better at something that matters
    *Purpose- the yearning to do what we do in the service of something larger than ourselves

    We hope Daniel Pink’s DRIVE will open your eyes and change the way you think in 2010!

    Please visit http://www.danpink.com and http://www.riverheadbooks.com for additional details.

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