It’s a well-evidenced fact that intrinsic reward (self-satisfaction, pride) expectancies correlate most highly with performance, as opposed to extrinsic ones (money, awards). Trouble is, that it takes less thought to chuck someone a few quid to reward them than to really understand what motivates them.
The Ringo Starr story
Ringo Starr tells a story on the Beatles Anthology documentaries where he had decided to leave the Beatles circa 12-18 months before Paul McCartney quit and the band dissolved. Drummers are often seen as the heartbeat of the band, and despite Starr's generally cheery nature, he felt ignored. He went to see each of the others in turn and outlined his desire to leave because the others were all close, playing well, and he didn't feel he was needed. They all disagreed, and on the first day back in the studio, Starr's drum kit was decked in flowers, and banners said how much they loved him. This boosted his morale and he stayed to complete the final two albums.
Albeit almost too late, the rest of the band discovered that, at that particular point in time, Starr’s main motivator was the need for friendship and acceptance. What’s fascinating about motivation is, unlike your personality, it's likely to change over time. When The Beatles formed in 1960, Ringo’s main motivator may well have been money, or it could have been fame. By the late 60s, at the time of the story above, Starr had all the money and fame he required, so it’s doubtful that either of these things would have motivated him. All he needed was love!
So, the big question is: Do you really know what motivates your people?