In addition, a cross-cultural comparison revealed that the relationship of pay with both job and pay satisfaction is pretty much the same everywhere (for example, there are no significant differences between the U.S., India, Australia, Britain, and Taiwan).
A similar pattern of results emerged when the authors carried out group-level (or between-sample) comparisons. In their words: “Employees earning salaries in the top half of our data range reported similar levels of job satisfaction to those employees earning salaries in the bottom-half of our data range” (p.162). This is consistent with Gallup’s engagement research, which reports no significant difference in employee engagement by pay level. Gallup’s findings are based on 1.4 million employees from 192 organizations across 49 industries and 34 nations.
These results have important implications for management: if we want an engaged workforce, money is clearly not the answer. In fact, if we want employees to be happy with their pay, money is not the answer. In a nutshell: money does not buy engagement.
Does Money Really Affect Motivation? (1)
Creating a Workforce That Willingly, Wholeheartedly and Happily Chooses Effectiveness (Part 1)
Creating a Workforce: Understanding the World’s Only Two Psychologies (Part 2)
Creating a Workforce: Tap Into Employee Strengths to Be A Better Manager Now (Part 3a)
Creating a Workforce: Tap Into Employee Strengths to Be A Better Manager Now (Practical Thoughts) (Part 3b)
Creating a Workforce: Psychology 2: Choice…Increasing Productivity through Choice and Collaboration (Part 4a)
Creating a Workforce: Psychology 2: Choice…Increasing Productivity through Choice and Collaboration (Part 4b)
Creating a Workforce: Leadership Management Versus Boss Management (Part 5 and Series Conclusion)
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