Intrinsic rewards, such as capable colleagues and recognition for good work, play a larger role in worker satisfaction than extrinsic rewards such as monetary compensation
Recently I have revisited a topic that has intrigued me for years, ways in which an organization's culture affects its economic performance. The basic working hypotheses are that: (1) people put forth more effort and produce better results for organizations whose values they identify with, and (2) therefore, it's in the best interests of organizations to clearly formulate those values and make them clear to prospective employees in the process of building an organization of people who subscribe to those same values and generally want to "fit in."
This article was provided with permission from Harvard Business School Working Knowledge.