How can we make employees happy without money?

It is undeniable that money is still the no.1 motivator as a salary increment would make people happy. Every 10% of increment will increase employee retention by 3% and 2% in engagement. However, there is a more cost-effective way to make employees happy.

Implementing peer recognition save 95% more than giving a salary increment, and the result yields 50% happiness compared with a good salary increment.

 

Why peer recognition is better than a good performance review?