What money can't buy

I'm listening to Daniel Ariely's first book, Predictsbly irrational. (Read by Simon Jones who is very easy on the ears. From Audible.co.uk.

Today I was struck by Ariely's findings that money is not very motivating at work. Money does not seem to lead to increased performance or outcomes. In Ariely's study, people worked harder at a task they volunteered to do than volunteers who were paid. The amount of compensation affected the amount of work done, but those donating their time worked hardest.

As the study involved short term tasks, I dare say that economics would play a part in changing things in a longer study. The fact remains a wage only buys so much loyalty. Part of that loyalty is how much of ourselves we are willing to sign over to work. Back in my banking days low commitment workers were called 'warm bodies'. They came, they did their assigned tasks and other tasks as directed, they collected their salary and they went home. The bank owned 37.5 hours per week of their attendance, not necessarily their attention. They were valued accordingly.

So as an employer how do I 'buy' your engagement?

I could ask, but do you know? When employees are asked they often choose money because it is a no-brainer. It's what everyone wants, right? What would you rather have? More money or less hours? Or more autonomy or less of a loathed but essential task? Or authority to go with all the responsibility you should?

And what could you offer me in this more perfect world that you're not offering your employer now?