Contrary to the common misconception, studies show that salary is not the ultimate motivator at work. Sure, salary is important as skilled workers aren’t going to stay in jobs that fail to offer, at the very least, a competitive salary. However, retaining those employees and keeping them motivated doesn’t come from boosting their bank accounts. There are plenty of over-qualified people working for lower salaries because they enjoy their working environment.

One recent study assigned two different groups of people to the same data-entry task and, while the groups were not made aware of each other, one was paid considerably more than the other. The study found that production was pretty much the same despite the difference in pay. This study proved what many experts have been saying for years: Higher pay does not equal higher production.

Instead, production comes from work satisfaction as a satisfied employee is a motivated employee.

People Are Team Players

Most people are naturally team players and being part of a team — having others rely on you and you rely on others — is a key motivator in the workplace. People don’t want to let their colleagues down and, at the same time, people enjoy feeling like they are useful. Workers need to sense that they are relied upon and it is important that businesses reinforce that feeling of usefulness among staff.

Unfortunately, people, overall, are becoming increasingly dissatisfied with work over the last few decades. Baby boomers, for the most part, reported a high rate of job satisfaction whereas the percentage of satisfied employees has plummeted in more recent years. This trend may be in part due to a changing culture, but experts have concluded it’s a bit more than that.

Appreciation Goes a Long Way

It’s true that workers want job security, benefits and competitive pay, but they also want to feel their skills and abilities are being used and appreciated. It is essential that management recognize an employee’s job performance and keep the airways of communication open. Workers don’t want to feel like their boss is micromanaging their every move. They want to feel autonomous and respected for what they bring to the workplace.

People are always going to wish for a better salary, but that wish doesn’t mean they won’t perform. The fact is, successful businesses are driven by satisfied employees and satisfied employees are not driven by money alone.