Code is an artifact. Despite what you may think, the job of an IT employee isn't to write code. The job of an IT employee is to come up with the ideas behind the code. The brainwork is the most valuable part of their job; actually typing the code is mostly mechanical.
Encourage Productivity and Improve Morale
Developers need a quiet environment to write the best code; these days, it's unlikely you'll be able to give them real offices with doors, but at least give them partitions high enough to block out a lot of noise.
It's not just about noise, though. For developers to do their best work, they need minimal distractions so they can focus and concentrate. That means reduce unnecessary interruptions. Reduce the number of meetings, and make sure they have a purpose. Don't send emails to the entire distribution list if only one person needs to respond. Encourage your team to get out of the habit of checking emails constantly. Give workers flexibility to adapt their jobs to their lives by allowing them to work from home occasionally. Don't micromanage. Basically, just leave your employees alone to get the job done.
The benefits of leaving IT employees with time to think go beyond getting code done faster and with higher quality. IT employees are intellectual workers who enjoy thinking and solving problems. Leaving them alone gives them time to focus on these mental tasks they enjoy, meaning they're happier at work. It gives them autonomy and demonstrates your trust in them, which feels good. Making your IT team happy and improving morale means they're likelier to stay with your company; considering how difficult it can be to replace a highly skilled technical employee, that's a big value to you.
New Thoughts, New Ideas, New Products
Plus, giving employees time to think means giving them time for new ideas. New ideas can mean new, better ways of performing business processes or translate into new products and new profits for your business. The information technology industry depends on innovation, and most innovations come from the employees, not the managers. Which isn't to say that managers don't come up with useful ideas, also. If you reduce unnecessary meetings with your team and reduce your involvement in issues your staff can handle, you free up your own time for thinking as well. What value will you create for your company with that extra time?