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By providing more accountability to employees, provide challenging tasks, guidance and motivation to employees, appreciate the achievements... A happy team brings good productivity...
By putting in place a motivational program that makes employees willing to give their best. A motivational program that makes employees take initiatives and contribute in the decision making cycle. The key elements of any motivational program is to satisfy the following:
1- Employees should feel respected and appreciated by the organization
2- Rewards and appreciations don't have to be monetary all the time, it can be by certificates, thank you notes, appreciation in front of teams , a special one-time gift .......
3- Employees should be always encouraged to contribute with ideas and ideas should always be evaluated and discussed.
4- Employees should feel that their organization cares about their well-being and that it is trying its best to provide the work / life balance to all its members.
5- Conducting activities not related to work like sports day and celebrations on special occasions to nurture the family spirit inside the organization.
In short make your employees happy, engaged and inspired and they will give their maximum even if you can't raise salaries.
It is very tricky question. It all depends on organizational culture.
Always give ownership to employees for their work. This way productivity will be increased.