This has been my hunch, too. People respond poorly to financial incentives for creative and innovative and challenging success. In other words, you can't pay me to do a great job unless I love what I do.
I also really appreciate the three motivators: autonomy, mastery, and progress. I watched TV in the 80s so it is fair for me to use the most appropriate word I know: DUH! Prior bosses who either hovered and nit-picked or performed very poorly while making more money, now you know why you were unsuccessful.
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