There are no formulas or short cuts to making this happen. It takes focus and people skills. It appears that the feel of the workplace is as important as compensation. Get employee suggestions and input. Track and prioritize suggestions.
Employees are more committed when they feel they are being heard.
Tie compensation to production and productivity. Give them or let them earn a piece of the business. Obviously this major decision and should be thought out very carefully. Examine a number of options considering your situation and industry. Put the agreement in writing so your commitment is clear.