Most employers are looking for ways to maximize employee productivity and efficiency. But how can employees be motivated to work toward this goal? Some say it can't be done, that motivation is intrinsic and therefore, nearly impossible to influence through external means. Others say that there are plenty of ways to improve employee motivation and the key is finding what the employee values.

One of the primary means employers turn to in their efforts to improve employee motivation (and thereby increase productivity, efficiency, and profits) is money. Bonuses and incentive pay schemes are often looked at as a means to change employee behaviors. But what are the pros and cons of this approach?