I’m 100% with you on this, Phin.
When I am hiring someone, I always try to gain an understanding of the other ‘currencies’ — the intangible benefits that are harder to quantify in an offer letter — that the candidate finds motivating. Are they looking for more independence? Do they want a stronger mentor to help them grow? Is there an adjacent career that they want to ‘grow into’, but can’t in their current role?
Once I have those insights, I actively highlight the path to ‘earning’ that currency in the role on my team to help the candidate assign a meaningful value to that aspect of my offer. This has proven to be very effective in situations when I’m competing for a candidate with another hiring manager who may be offering more stock/cash, but misses the mark with the career options.