The Science of Motivation

Here's an excellent speech made by Dan Pink in TED regarding motivation. Motivation is a key aspect of our lives that keeps us going and egging us on to achieve greater heights. Dan talks about the shift that's happening in the motivation approach in corporate world from the carrot and stick approach of the industrial age to intrinsic motivation of the knowledge age. Intrinsic motivation taps on our inner desire to do things because - they matter to us, we like it, they are interesting and its part of something more important. The key building blocks of intrinsic motivation are:

Autonomy - Urge to direct our own lives
Mastery - The desire to get better and better at something that matters
Purpose - The yearning to do what we do in the service of something larger than ourselves

I tend to fully agree with him based on my experience. While compensation is an important part and an employee needs to be adequately compensated to retain him, intrinsic motivation is a key aspect to keep them motivated and to enable them to perform effectively. In the corporate world this is achieved by setting clear goals, empowering and enabling individuals to perform at their best.