Excerpt from “How to Win Friends and Influence” People” One of the first people in American business to be paid a salary of over a million dollars a year was Charles Schwab. He had been picked by Andrew Carnegie to become the first president of the newly formed United States Steel Company. Why did Andrew Carnegie pay a million dollars a year, or more than three thousand dollars a day, to Charles Schwab? Why? Because Charles Schwab was a genius? No. Because he knew more the manufacture of steel than other people? Nonsense. Charles Schwab told me himself that he had men working for him who knew more about the manufacture of steel than he did.
Schwab says that he was paid this salary largely because of his ability to deal with people. I asked him how he did it. Here is his secret set down in his own words- words that ought to be cast in eternal bronze and hung in every home and school, every shop and office in the land-words that children ought to memorize instead of wasting their time memorizing the conjugation of Latin verbs or the amount of the annual rainfall in Brazil-words that will all but transform your life and mine if we will only live them:
“I consider my ability to arouse enthusiasm among my people,” said Schwab, “the greatest asset I possess, and the way to develop the best that is in a person is by appreciation and encouragement.”
Most people will work harder for appreciation than pay.