My Friends Are Dead Presidents

There is a long-standing argument about whether money is a motivator. Various researchers (most notably, Herzberg) indicate money is not really a motivator, but instead it is other factors such as: "Intrinsic value of the work," "meaningfulness," "sense of accomplishment," "responsibility," etc. The importance of this argument to managers, and Human Resources Departments, is simple. How do we create conditions which will encourage the employee(s) to be more productive, and satisfied? Compensation packages are designed to address this issue, along with Pay for Performance programs and other techniques. How to motivate each individual to contribute to the organization as much as they are capable of doing, is genuinely a challenge worth pursuing.

The "Dead Presidents" Speech

A friend of mine was one of the top automobile salesmen in the country. He made lots of money and attributed his motivation to "chasing dollars." At one point he became a sales manager, and tried to motivate his employees the only way he knew how. Now, I'm certain many others have tried this technique as well, and he didn't claim it was original. But he shared his "Dead Presidents" sales meeting speech with me one time, and I never forgot it. In abbreviated form, it went something like this:

My friends are Dead Presidents. (At this point he would pull out a huge wad of $50 and $100 bills and show them to his audience.) These are my best friends and I like to keep them close to me. They never ask me for anything but they stand ready to help me in times of need. If I want something they will help me get it. Whether it's a new car or a new house. If I get sick they will help me get treatment. If I have children they'll help me pay for their College education. Yes, my friends are Dead Presidents.

I will always cherish these friends and always try to have more just like them. And, you can be sure that if these friends were ever to leave me, some of my other friends might go too. Yes, my friends are Dead Presidents.

I suspect that you, too, might want to have Dead Presidents as friends. And, if you do, you need to work to get and keep them. So, go out there and sell cars!

Was this a motivating talk to the salesmen? Did it appeal to their more mercenary instincts? Or should my friend have elevated his rhetoric to appeal to their more noble aspirations?

The Motivation Quandary

It is difficult to ascertain and then attempt to successfully meet the motivational needs of others. We're all individuals, and motivated by different things. Some crave recognition, while others desire challenge, or being on a team, or the opportunity for self-determination. But one commonality exists among all employees: We all work for the money. Take away our salary or commission and see how long we continue to work.

Now this "greed factor" may not be our primary motivation and to say so flies in the face of research, motivational theories and many expert opinions. As an academician, I am on "thin ice" to question the accepted rationales. However, question it, I do. As an undergraduate I recall behaviorist B.F.Skinner's Reinforcement Theory, and how the little rats would run mazes, jump moats, do tricks and difficult tasks to get cheese (their reward). Are we humans so evolved that we won't perform similarly?

The Question

Will humans, like rats, do all sorts of things to gain rewards? I believe we know the answer. Yes, we will. And since we know that money may help us attain the things we need, might we seek money? Again, I think we know the answer.

According to Abraham Maslow's "Hierarchy of Needs" we are first motivated to satisfy the lower level needs, like food, sex, shelter and security. Once these basic needs have been satisfied, then we can move on to higher levels like social, self-esteem and self-actualization needs. But the question is: Do the lower level needs continue to motivate us or not? Besides, a case can be made that money provides us with the means to satisfy needs at all ends of the spectrum. Perhaps "self-actualization" through money is too much to expect, but very few people reach that level anyway.

Further Research is Needed

The purpose of this article is not to propose some definitive, or comprehensive theory of motivation, (or more specifically, employee motivation), rather it is to question the current premises and invite further research. You are welcome to draw your own conclusions concerning the efficacy of money as a motivator. As for me, I'm leaning toward my friend's hypothesis and in favor of the "Dead Presidents" view.

References:

Herzberg, F.I.( 1987) 'One more time: How do you motivate employees?', Harvard Business Review, Sep/Oct., Vol. 65 Issue 5, p109-120

Maslow, Abraham (1943) A Theory of Human Motivation, Psychological Review, , Vol. 50 #4, p. 370-396

Skinner, B.F.(1953) Science and Human Behavior, New York, Macmillan & Co.

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My Friends Are Dead Presidents