> I would guess having employees that feel valued […] would be what is best for the business, no?

It depends. I think what's best for a business is having employees who want to win and want the business to win, as a primary goal.

It's not really easy to make an adult feel valued because individuals have very different motivations and personalities, so good feelings as a goal is a shifting target.

Of course, if it were easy to answer the question, probably the Harvard Business Review would be a single article and not many decades of publication, and the debate about WFH wouldn't even exist because everyone would feel valued already and the problem would be moot.

Sure. Employees feeling valued is necessary but not sufficient. Workers most focused on "winning" will have higher salaries (it's what they're optimizing) so just hire over priced people and ensure your employees are all "winners".