Share the success of your business with your employees in form of bonuses or incentives. Do not expect them to work hard and put in an extra effort just to make you rich and your company more successful. Employees do not care much about the company and its success unless they can benefit from it. Distribute a small percentage of your profit with your employees as bonuses. Money is arguably the best motivator in a work environment.
Set goals and rewards. Setting up goals and having a standard is important so that you can measure the productivity of your employees. It will also keep them informed of their own performance. If their productivity is not up to the mark, they might feel threatened and start making an extra effort to meet the standards. You can show them their performance graph to make them realise that their productivity has indeed fallen. Rewarding your employees for impressive and consistent productivity will encourage them to keep working hard.
Acknowledge and praise employees that are working hard. An employee may lose his passion to work hard and bring results if he does not receive any appreciation or positive feedback from the employer. He starts feeling that he is being taken advantage of. It is important to keep such employees happy as they are truly your greatest assets. Praising employees that do well will not only keep them motivated, but also create a desire within other employees to receive the same kind of appreciation, which is why they may start working extra hard.
A good work environment is extremely important to get the most out of employees. While a lot of employees may not complain about the workplace settings, having modern settings can give their performance a massive boost. The work place should be clean, with the trash bins emptied on daily basis. Ensure that the walls are painted. Spend some money on the aesthetics of the place where you will have your employees working.