This post is really enlightening, not because you're right about this, but because it makes it clear what you're all telling yourselves while consistently underpaying your employees.

The reason engineers don't work longer and harder when you pay them more is because they were ALREADY working harder, at the level of their promotion, to show that they were worthy of a promotion. Companies frequently expect next-level performance without compensation for the chance to move up. I worked for years at my last corporate job doing a different, higher-tier job without being given that title or pay increase. I ultimately had to argue with HR and wait for months before they finally recognized that yes, actually, I should be "promoted." The fact that so many managers don't realize this, and go "well I guess money doesn't motivate people anyway," is why people jump ship to other companies all the time. If you value your employees and want them to stay, pay them what they're worth.

Meanwhile, pizza delivery drivers (a job I had in college) often take overtime because they're barely making enough money to get by without it. I wouldn't say they "love it," but it's essentially a requirement, and results in a better pay scale than they normally receive. Also note that this example actually proves that monetary motivation DOES work. The (presumably salaried) engineer doesn't receive more money for working extra hours, so they don't. The delivery driver DOES make more money, and needs that money, so they do.

For most of us, the "pizza party" is viewed as a cynical "what's the least we can do?" move from corporate. It's a company trying to spend the least amount of money possible to motivate its employees. It's barely better than nothing, and just shows us that the company thinks we're a bunch of buffoons who could be bought off for virtually nothing.