Come on, man!
We’ve known for a long time that money is not always the best motivator.
To be clear, you have to be making enough money to comfortably cover whatever your necessities of life are, but once you’ve got that basic need met, simply offering more cash won’t always incentivize optimum effort.
And we know why: “Compensation, in the form of money, is first used to meet our living needs and what’s left over, after paying our bills, can be used for the luxuries we desire. Because paying our bills drains the emotion out of the reward, money ends up being a less efficient motivator.”
As you probably already know, public recognition and genuine gratitude are pretty effective if perceived as genuine and not manipulative.
If you’re a manager, you should really read the results of the latest research and you can do that HERE.