Financial bonuses are going to prove less effective as weimages-61 leave the industrial and information ages behind and step into the creative age.

Payoff motivators (‘when I’ve done this, I’ll get that’) are best for conventional, routine tasks, says Dan Pink, author of Drive. When it comes to tasks that require creative, complex or conceptual thinking, internal motivation is far more effective.

He points to the example of Atlassian, an Australian software company, that rewards its developers by keeping their work inherently interesting. Once a quarter, each employee is told: ‘Work on anything you want for a day, so long as you enjoy it and it’s not part of your regular job’.

Atlassian believes this simple strategy is key to its outstanding success and the many accolades awarded to its innovative products, service and business model.

Such internal drivers tend to fall into one of three categories, Pink says: “We do things because they’re interesting and inherently satisfying; because we get better at them as we go on; or because they’re the right things to do”. This internal drive delivers both high performance and a deeper sense of satisfaction, and both last longer too.

One for the banking industry to think about…?

Thanks to awesomemausam.blogspot.com for the pic.