What non-monetary forms of recognition do you use with your employees?

We had employees submit, via a central e-mail box, thank you notes to other employees that we then read aloud during company meetings. They were typically brief and just ways for folks to acknowledge how someone else helped them during the month, e.g., thank you for help on the sales meeting, or, thank you for QA'ing those product fixes for my client. It sounds cheesy, but they were very successful for us and helped break down silos. We even had clients sending them in to acknowledge the good work of our services folks.

We also did a survey (via SurveyMonkey) of our employees to ask what they valued. Folks knew our financial situation at the time and so they tried to be innovative. A big thing was finding ways to provide folks with more feedback more often, so we used a product named Sonar6, which is a performance management tool. We provided folks with quarterly feedback that we determined based on performance v. personal goals and competencies that linked back to the company's strategic plan. This was successful for us and helped our employees see where/how their daily efforts contributed to the achievement of company-wide goals, which was motivating.

Hopefully helpful. Good luck!