While researching on Daniel H Pink’s ‘A Whole New Mind-The Surprising Truth About What Motivates Us’, i discovered the above Youtube RSA Animate video that interestingly captured the 3 key factors that lead to better performance at home and at work.
1) Autonomy- the desire to be self-directed
2) Mastery-The urge to get better at doing things. Innate challenge mastery and make a contribute for betterment of all even with no monetary rewards
3) Purpose-larger transcendent & moral purpose is a critical motivating factor to drive performance.

Work that involves mechanical task will achieve higher performance with carrot and monetary incentives but it is interesting to note that many people are not motivated by monetary rewards especially those involved with task that uses the cognitive skills.