My perspective is that if the main force tying people to your company is money, then that's is the root of your problem. If people see it as just a money source that'll affect their quality of work in many other ways.
Whilst I can understand that most people walk through the door to be able to pay the bills, I would suggest that for most people the greasiest value of work has nothing to do with the money.
It is possible that cultural differences and the existence of social safety nets influence my perspective.
Of course it is. I like my job but if I suddenly won the lottery I would quit in a heartbeat and spend my time reading books, playing video games and just enjoying myself.
People happily work for £X + a good mission, interesting work, nice office, good team etc; even when they know they could get £X+20% elsewhere.
Another is if I see a team trying to get something done, and they need my expertise, I enjoy the act of helping them.
Those employees are really only in it for the money will do the bare minimum. I'd say tops half of employees have this mentality. The rest care (often too much) about what we do.