The problem is not with compensation, per se, but with pushing money into people's faces by offering more of it for this or that. The more closely pay is linked to achievement, the more damage is done. I recommend that employers pay workers well and fairly - and then do everything possible to help them forget about money. Choice means workers should participate in making decisions about what they do. Collaboration means that they should be able to work together in effective teams.
Content refers to the job's tasks.
To do a good job, people need a good job to do. Doing these things is much more difficult than dangling goodies in front of workers. But manipulating behavior by offering rewards, while a sound approach for training a family pet, can never bring quality to the workplace.