Remember that rewards are designed as a means of showing your employees appreciation for their hard work, and while money is often cited as a staff motivator, it is often the non-monetary and intangible rewards that have the most impact on employee morale. Regardless of the benefits you are offering to your people, you have to find ways to make your office a place where hard work and efficiency are recognized and rewarded regularly. After all, non-monetary benefits can go a long way in building employee loyalty and respect, which clearly demonstrates that there are other important factors many points, aside from money, to consider when establishing employee and management policies.
It may sound really crazy, but few top-tier people in any profession like working in an unchallenging job. Morgan Freeman does not act in B-films, and superstar developers don't spend their time writing "Hello World." After all, they didn't become great by staying within their limits, did they? When you show your candidate (or give your employees) a job that challenges them, within reason, and gives them a chance to learn new things and grow, they are likely to overlook the alternatives. Tell the prospective candidates why the job will be a challenge, and they will leave that interview already savoring the thrill of victory when they meet it. Show them a job that any entry-level person can handle, and they will wonder how long they will be there until they are replaced with an entry-level person.