Do not however, think that public recognition will substitute for private, everyday, personal thank yous and respect. What happens 365 days a year has much more impact than what happens at an annual recognition function. Timing is crucial. Recognize contribution throughout a project. Reward contribution close to the time an achievement is realized.
Time delays weaken the impact of most awards.
An immediate 'thank you' or 'great job' is much more important than a proclamation six months later. Tailor your recognition to the unique needs of the people involved. Have several recognition and reward options to enable managers to acknowledge accomplishment in ways appropriate to the particulars of a given situation. Deliver recognition in a personal and honest manner. Avoid producing recognition that is too 'slick' or overproduced.