We always end up redesigning the job to fit around a new person. Sometimes the change is for the better, but people are simply not interchangeable. This is not a popular option. I receive lots of e-mails asking for ideas of how to keep employees happy without spending a lot of money, and some are included in this article, but the truth of the matter is that this is a capitalistic economy and there is no substitute for money as a motivating factor. Besides the intrinsic value of the money itself, people know that when they're paid more, they're taken more seriously inside and outside the company.
People value what they pay for.
Things that are inexpensive are often taken for granted. Offering someone a job for more money is a huge compliment and a validation of a person's skills and value to a company. This is why that offer is so hard to resist. Their employees take their jobs more seriously, are more flexible and willing to learn new things and take on extra responsibilities. In exit interviews, employees often cite lack of feedback as a factor in deciding to leave.