This isn't me just saying stuff.
https://www.payscale.com/research-and-insights/employee-turnover-pay-raises/
The long and short of this is that getting a raise doesn't stop someone from looking for a new job or increase satisfaction with the company. Worse, if you ask for, say $10 more and hour and they give you $8 you are less happy than if you get no raise.
Paying people well is important, and people say it's a primary motivator, but it isn't as important as they think. Bad bosses, bad work environments and unsatisfying work are bigger factors than pay raises.