Who are you trying to motivate?
Have a company dinner once a month. Buy them lunch on a Friday. Have a bowling night. Take them to a ball game, football, baseball, soccer, whatever. Fishing trip. Wash company trucks on a Friday and buy them pizza. (I did that)
Something other than work so they can relax and be themselves.
It seems to me that the older employees like these type of social rewards better than the young guys do. The older employees already have a place to live, a family established, perhaps divorced, less social interaction in general, fewer friends outside of work just by the attrition of people moving away for various reasons. Their needs have stabilized as they have found ways to address them, and things have settled down. These options are very good for that segment of your employees.
The young guys are trying to survive, get a house, get a yard, get a fence, get a family, keep the wolf from the door, look ahead to find a job they can stay with as their bodies run down, get training to move into better jobs/positions, get retirement savings. Wives and babies are not cheap, and the doctors they need are not cheap. Housing and groceries are much more expensive than they used to be. They still have parents and friends from high school to take care of their social needs, but they really have to sacrifice to make time for them. They don't want to come to the Christmas party at work because they have things at home to be taken care of, although they usually come anyway because offending your boss is not wise.
They not only don't want that stuff, they think the boss is doing it because it is cheaper than paying them. They want money. To say they are money hungry is not correct - they really need the money for basic survival. It's not a philosophical question for them about whether you want to be treated well or paid well - they have to put food on the table. When they start getting enough money to relax about the wolf at the door, and their social circle gets smaller, then the social benefits become more effective.
Every job I have left to this point was because they were not paying enough and were never going to pay enough. I am fortunate as to where I am now. Many employers are stuck on a 90s pay scale in the 2020s, and then they wonder why all the smart young guys move on to the big companies and the union. It's not personal, the young guys are doing what they have to do to survive.