Being a manager can seem like a thank-less task at times and we've met many managers who absolutely hate the responsibility of being 'The Manager'. When you are new to management you normally see the role through rose-tinted glasses and feel like you are going to set this team on fire, but very soon it can seem like a poison challis.
Hopefully most managers realise that 'one size doesn't fit all' and what motivates one person is certainly not going to motivate another. People like to be treated as individuals (as indeed they are) so take the time to ensure you know what makes them 'tick'.
Having worked for a really hard task-master he thought the way to reward me was to pay me me more money. But the only thing I remember about working for him was when quite out of character he praised me highly for a piece of work I'd done and said it was 'excellent'! That was worth more to me than any amount of money he could have given me! I'd worked with him for years and he'd never praised anything I'd done (although he always valued my work when speaking to other people).
So what do I remember about my time in that company? Not the pay, but the 'thank you' which was timely and sincere.
Are you timely and sincere in your praise? Perhaps that's just what your staff are waiting to hear.