This was taken out of incentive magazine. Marshall Goldsmith is a fellow at the National Academy of Human Resources.
A question was raised during an interview with Marshall about recognizing other people being a key component to an individuals success. This was his response: "Any employee's success is highly correlated with their motivation to do the job. Study after study has shown that providing positive recognition, when deserved, for a job well done increases motivation. Another important factor in recognition is the acknowledgment of suggestions for how work can be done better. By asking for ideas and listening with respect, leaders can help their companies recognize others and motivate their people at a very low additional cost."
So employees success is directly correlated to their motivation, and one way of motivating employees is to recognize their achievements. There are many ways to do this. Getting feedback and recognizing achievements in a positive way are two great ways to do it. Giving awards works also. Thank yous we will save for tomorrow.