It depends on the person, and that's what makes management (and life!) tricky. For one employee, a nice raise is all that really counts. For another, they'll certainly welcome a nice raise, but really public praise is going to be very meaningful. For a third, that public recognition might be mortifying, but a well-written 'thank you' letter will go far. Et cetera, et cetera. You can't say, "It's not about X, it's about..." without overgeneralizing.
