Dear Tarun,
Rewards & Recognition - Quarterly, we have a ceremony where a set of awards and certificates are presented to achievers, best team players, best teams, upcoming stars, etc.
A good growth plan - I developed a concept during my BPO experience when attrition had become a major concern. I came up with a concept called IDP (Internal Development Programme). Here, employees are evaluated monthly on some basic factors. Every quarter, 10-20 employees are identified to be groomed through trainings. These employees become eligible for IJP (Internal Job Posting), meaning only they can move to the next level. This concept has been beneficial: regular assessment to identify performance degradation monthly, grooming of employees, and improved performance throughout the year as they understand that each month's performance impacts IDP & IJP.
Certification sponsorships - such as Six Sigma, Black Belt, Green Belt. Employees can complete these certifications, and if they have been with the organization for at least 1 year, the company will finance their certification. Eligibility criteria for this may vary among organizations.
Panel of SPOCs - We have panels in upper, middle, and lower management where employees are identified as part of the panel from all levels.