Job expansion and enlargement.
Get him to reorganise something; if it's already centralised, get him to decentralise it; or vice versa.
Watch this, Gold, it's very good:
http://www.youtube.com/watch?v=u6XAPnuFjJcIn the army (you do a lot of leadership and management courses in the army; I've even got an NVQ 3 in management) we were taught that financial incentives weren't the be-all-and-end-all of good leadership/management (different ends of the same cat).
I would guess teamwork would be a key area in a one-to-one relationship such as yours. Also, setting achievable targets, and clear instructions would be good too.
I also give Wor Lass sexual incentives if she works well, but I doubt you could (or should) apply that to your own employee.