You always hear CEOs need big bonuses to keep them motivated, but never that employees do.
When I slashed my CEO pay and doubled our min wage, I stayed motivated because I'm still well-off and care about my work. Employee motivation soared because they didn't fear going broke.
We discovered higher pay doesn't suddenly transform people into better employees. But when you remove money as an obstacle to life, they can bring their full selves to work.
There's tons of research on this. It's a shame more companies don't realize the benefits of higher pay.