Is it possible to motivate people? Obviously, Robert Townsend doesn’t think so. In Freedom, Inc. Brian Carney and Isaac Getz observe, The problem is, the more closely psychologists look at the motivation — or engagement — levels of people in organizations, the less tangible rewards seem to matter. Instead, it’s the things people do themselves that matter most.”

In fact, “If you take people who are deeply engaged in something because they enjoy it and you offer tangIble rewards for doing it, a shift happens. Mentally, people establish a causal link between these rewards and the activity — something psychologists call a perceived locus causality — and thus link will undermine the initial, intrinsic reason for doing the activity, such as considering it enjoyable or important.”

The major studies of what is of greatest importance to customers and to employees (in separate surveys, each involving several hundred thousand respondents) indicate that feeling appreciated is ranked in the top three. As for price and compensation, they are ranked in a range from 9th to 13th.

During a meeting in the palatial office of the XVP of one of the largest U.S. banks, I noticed a framed collection of “attaboy” Post-it messages. His secretary later told me he had received them over a period of several years long before promotion to his current position.

It’d also worth noting the research based on exit interviews of valued employees leaving to work for another company indicate that the #1 reason their frustration was (you guessed it) feeling that they and their work are not appreciated.

Freedom, Inc.: Free Your Employees and Let Them Lead Your Business to Higher Productivity, Profits, and Growth was published by Crown Business.