Hi @Kartik Mandaville, Thank you for the question.
Building a culture of recognition is a broad process. Importance of recognition is communicated when it has an emotional touch but it isn't scalable.
We would write letters to parents/family on Employee's work anniversary talking about the his/her work ethic. It was a huge hit.
Having company wide goals tied to OKRs helps people collaborate and recognize each other. Every time company goes from 0 to 1, we would organize an offsite/Day-out or give them with a day off.
Most employees just want to be recognized but recognition is remembered longer when its tangible.
At company level, introduce Non-discretionary recognitions - Tied to Targets, Length of service, New Hire Bonus, Retention Bonus and Referral Bonus etc. This will get people involved and eventually feel recognized.
At manager level, Having manager led recognition programme can be counterproductive. Employees will associate most decisions to bias. I personally do not recommend this.
At peer level, most employees are happy when their work is acknowledged by their peers. It promotes healthy competition. Value nominations are a easy way for employees to assimilate the company culture. Have a monthly nomination and award the value champions.
Introduce tools into slack/teams for shout outs. Incentivizing both giver and receiver works better. (We use Engagewith. Disco is also a good tool but expensive)
Some simple initiatives and rewards can push employees to make this a practice.
For example - Have a weekly retrospective and get people to talk about their week and acknowledge their colleagues for pitching in. In an offline set-up - we would have a bell that people could ring if nominated by others or give them a pint of beer etc.
In a virtual set-up - Swags, Vouchers and LinkedIn recognitions etc.
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Have a culture of recognizing efforts even when the end result is not specifically positive. This will lead to employees staying motivated.