Old news.
I remember reading a Standford U. study probably 30-40 years ago that showed no correlation between salary level and job performance past certain salary levels. Another words once pay reaches a certain level, additional pay wasn't a motivating and or functional factor, and past salary motivating levels - job "happiness" became the primary motivator.
Not much has changed, employer/management personality types are just as ignorant as they were 30-40 years ago about the basics of motivating their employees. Perhaps what is needed is a different more informed type of management personality part of whose motivation is seeing the connection between their "happiness" and performance and employee "happiness" and performance.