Money is a significant factor in boosting employee morale but apart from money there are other things which can be done to motivate the employees.
Praise on Floor
Every employee expects praise from the management and their reporting heads. Praise in front of others on the floor. Praise even for small contributions made by the employee, this encourages the employee to put more effort and makes him feel comfortable and responsible.
This is kind of tricky but it can significantly motivate the employee. Usually People hate to be given instructions on ‘What/How to do’. Rather than directly giving instruction, implant the ideas by consulting/discussing with the employees, whether the idea will work out or not. Rather than using ‘I’, use ‘We’ while having such discussions with the employee. ‘Do you think it’s a good idea if we do it this way?’ always sounds better than ‘I want you to do this in this way’,
DO NOT criticize anyone. No one wants to hear their mistakes especially in public. It’s really hard but try not to point fingers on anyone. Rather than pointing the mistake, try to make them understand where they went wrong, by asking questions, which will lead them in correcting the issues. “Was that the best way to approach the problem? Why not? Have any ideas on what you could have done differently?”
Let the employee own responsibilities and give them a feel that they are an example for others. This ensures that they set very high standards for themselves and they will feel motivated to live up to their reputation as leader.
Weekly or bi-weekly take your employees to lunch/dinner or for a party or picnic. Don’t use this to convey any rules or regulations. Invite each and every one personally, it will make them realize that they are being given importance and also appreciate their work while inviting.
Share the rewards/pain
When your company does well, make sure you celebrate with all your employees. This is the best way to make the employee feel proud about their contribution and hard work. If there are failures, share those too. If the expectations are high then let them know about the same as it will help them understand their roles and responsibilities better and they will be better prepared to meet the challenges.