IEEE 802.15.4 is a standard defined for wireless sensor network applications with limited power and relaxed throughput needs. The devices transmit data during two periods: Contention Access Period (CAP) by accessing the channel using CSMA/CA and Contention Free Period (CFP), which consists of Guaranteed Time Slots (GTS) allocated to individual devices by the network coordinator. The GTS is used by devices for cyclic data transmission and the coordinator can allocate GTS to a maximum of only seven devices. In this work, we have proposed two algorithms for an efficient GTS allocation. The first algorithm is focused on improving the bandwidth utilization of devices, while the second algorithm uses traffic arrival information of devices to allow sharing of GTS slots between more than seven devices. The proposed schemes were tested through simulations and the results show that the new GTS allocation schemes perform better than the original IEEE 802.15.4 standard.