The problem usually comes down to personal empowerment. Perks such as free food and other niceties while are perks comparing one company to an other. But the real issue is allowing employees to have control of their work and their careers.
People have different motivations. Sometimes it is just financial substantial raise, enough to change their quality of life. Sometimes it may just be less of a raise and changes in title where they may have will have more say in how things are done.
Promotions need to mean different responsibilities, responsibilities that are more unique to the organization, not just adding more work, or attending more meetings.
An environment needs to be made, so someone can feel comfortable expressing their ideas and know that they are considered fairly.