Companies implement policies to define the rules of an organization and shape future decisions with a thought-out framework. They help employees make day-to-day decisions that lead to overall cohesion and success.
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My experience of consulting with hundreds of companies on an annual basis for the past 30 years is that very few companies have an effective and robust non-monetary reward/recognition program covering such topics as praise, fun achievement awards, learning and development.
Although it's not possible to motivate employees, you can create an environment for self-motivation by showing your employees that you care and are appreciative when they knock it out of the park or act as a role-model in demonstrating one of your core values. Not having a robust program to show appreciation and gratitude means that your employees will not be motivated to do anything beyond the minimum expectation you tolerate to allow them to keep their jobs. How depressing!