Maybe some of these will help you:
Use your monthly newsletter (if you have one) to create a 'spotlight' section to highlight employee performance.
Express interest in the employees' professional development whether you fund it or not.
Send 'thank you' notes to good performers.
Organise team lunch for all employees not just the performers - as everyone's contribution is important.
Setup a suggestion box and ask your employees how they would like rewarded as employees will feel more engaged when you implement their suggestions.
From United Kingdom, London
Dinesh DivekarDear Mohini,
You have written that you are looking for "innovative ideas" to boost the performance by motivating the employees. However, before embarking on innovative ideas it is important to know to the members of this forum what traditional methods did you implement to improve the motivation. Route to innovative ideas goes through the traditional methods and not by bypassing them. You could have given little more information on what is that you have done and what was their effectiveness.
Traditional methods like "Career Development Plan" (CDP), "Formal Mentoring Programme" (FMP) hold water even now also. If you wish to boost the performance then the most important thing is measuring what deserves to be measured and that too scientifically. Have you done that? People give their best provided there is conducive organisation's culture. Have you done cultural survey any time? Last but not the least, managers also play vital role in motivating the employees. Their role supersedes everything else. Do your managers inspire their subordinates? Do subordinates consider their managers as their role model? Power of managerial motivation is strong that it overrides the shortcoming in the fulfilment of hygienic needs. Therefore, you may not ignore the traditional methods per se.
From India, Bangalore
Mohini.PanwarDear Dinesh, You are absolutely correct and i’ll definitely implement traditional practices to motivate employees. Thank you it was really great help. Thanks Mohini