Added benefits and perks
Pamela Quinn: Show them once in a while that you appreciate their efforts by giving them a surprise day off! Too many employers work their associates to the bone, and this would be such a "feel good" thing to do for them.
Patrick Harrelson-Keyes: Actively mentoring them and showing genuine interest in their career growth is key. One measure of a great manager is how successful his or her employees subsequently become within their industry, even if at a different company. Also, if raises are out of the question, perks that help them with life-work balance -- even small things like a day spa, summer Fridays, or telecommuting one day per week -- make a huge impact on morale.
Pat Ruta: These two things have always worked for me, as long as the group is not huge: 1) Pick a Friday and have a wine tasting with some cheese, nuts, strawberries, and apples, and 2) Paint ball war.
Devin Clark: Get them life insurance. There are some great plans out there for employees that will benefit them greatly and provide living benefits along with tax-free income in retirement.
Joe Fairless: Unlimited vacation days -- it's proven that employees actually take less days on average if they don't have to meet a quota.