Let's get right to it. People are never really satisfied with their rate of pay. Oh, they'll be happy with a pay raise for a couple months. And they'll be happy with the higher salary at a new job, for a while. But pay rates don't satisfy. People can only be dissatisfied with their rate of pay. Alternatively, they can be ambivalent about it; they can have no feelings about it. That's the best you can hope for, with money.
And that's also a prerequisite for any kind of satisfaction, even if you follow the below guidance. The dissatisfaction around money has to be addressed before any kind of work satisfaction can take place.
Then, if you want people to be satisfied, you have to look elsewhere than pay. The nature of the job itself is the only thing that can satisfy. It's the things like the type of work, the people they interact with, and the purpose of the work. Those are the elements to concentrate on when seeking to satisfy the people you manage.
Ideally, you are removing dissatisfaction with fair and periodic pay increases, and then increasing satisfaction by highlighting the benefits of the work itself. That's the sweet spot where everyone is happy and productive.