Its interesting that whenever Socialism is mentioned, people always say 'everyone would earn the same and no-one would have any motivation to work hard'
Yet I can't think of any nominally Socialist country - whether the State socialist eastern bloc/China, or the social democratic Scandi countries - where everyone earns the same or ever has done.
Workers certainly didn't all earn the same in the nationalised industries in Britain in the post war period (in fact, pretty much the same men remained in charge as had been running the same industries when they were private companies, and they certainly didn't take a pay cut to the level of the average worker
)
I think the real killer for motivation in the nationalised industries (and the eastern bloc state industries) was lack of control - the complete opposite of what socialism was meant to offer. Although nominally the industries 'belonged to the workers', in practice they belonged to the State as represented by boards of 'captains of industry'.
As someone said above, there are an awful lot of ways of achieving worker ownership of the means of production. Although employee share ownership is generally a Conservative policy, it has the potential if it is extensive enough, and about control as well as making money, to be genuinely radical.
Similarly directly employee owned businesses (which would usually employ professional managers if they were of any considerable size), worker co-operatives (which can work really well at least up to a certain scale and in some types of industry), mutuals owned by their customers (Welsh Water is an excellent example) are all ways that the mass of people can have some control over their working life. IMVHO that is far more motivating than working for a big multi national corporation.