… but not in the way that you expect!
Firstly, as Daniel Kahneman points out in his landmark book, Thinking Fast & Slow, quoted above, money drives individualism over team work.
Secondly, as Dan Ariely, another key behavioural economics player, has described again and again, money tends to take us away from focusing on the overall purpose of an organization and towards maximizing our own benefits – and they do not always align.
Thirdly, as shown by Daniel Pink, money as an incentive even in basic jobs tend to reduce performance.
So incentives work, but probably not in the way that you want – instead think of rewarding on a team level with a more profit sharing approach.