[picapp align=”left” wrap=”true” link=”term=money&iid=269646″ src=”http://view2.picapp.com/pictures.photo/image/269646/people-holding-money/people-holding-money.jpg?size=500&imageId=269646″ width=”234″ height=”351″ /]A very interesting idea about our relationship with money had been published in HBR March 2010 issue.
To get the feel of the study, imagine yourself in the following situation; imagine yourself counting money while one of your friends is counting papers. Now, if you both were asked to dip your hands in hot water, the study says that you, the one who have been playing with money, will report less pain.
Not only that, it will work in reverse as well. Now imagine yourself writing down your last month expenses while your friend is recording, say, the weather temperatures for the same month. In this case, the study says that you will report more pain because your were around the idea of spending money.
So in few words, the study conducted by Dr. Kathleen D. Vohs is stating that money gives us inner strengthen and can reduce our physical and emotional pain.
It is a really interesting idea. It is not that surprising that we all feel some way or another about money. And I am sure social and psychological scientists have a lot to debate about these findings.
The interesting part of the study comes in its recommendations. It is about using cash to compensate customers or reward employees. The examples used in the study go like this; if an airline would like to apologize to its customers for that 8 hours delay, it is better to give them cash. And when rewarding those customer service agents, do not given them bounces deposited to their accounts, give them cash.
I have to admit that although cash means a lot of things to us, thinking of it as a source of motivation or stress releasing incentive does not feel totally right. Management literature is filled with studies that actually refer to the contrary, to the fact that money could sometimes leads to dissatisfaction rather than satisfaction (check out Herzberg’s motivation-hygiene theory.)
More studies are still needed to determine when such claims can be found true and under which conditions. Because I am sure there are situations when money can mean nothing!
What do you think?