The management courses I've done have said that money is a terrible motivator but a really powerful de-motivator. It is a terrible motivator as the impact of a

The management courses I've done have said that money is a terrible motivator but a really powerful de-motivator. It is a terrible motivator as the impact of a raise is short lived, we very quickly come to believe we are worth the higher pay. See Wall Street and SV salaries. Once you're happy with your pay things like challenging work, recognising success, personal development, good co-workers become much more effective. It is a powerful de-motivator if you're being paid less than you think you should be, to the point that the weighting between the two effects is almost entirely on the de-motivation side.