Hi Shiv,
When it comes to instant recognition schemes, the age-old formula of providing extra pay in the form of bonuses always works. However, apart from that, you can also target individuals emotionally. Everyone likes to be praised, and if that is done in front of everyone, it's like a cake with icing. So, if an employee does some good work, recognize and appreciate it in front of others. This will serve two purposes: it will motivate that employee to work harder, and it will also ensure that other employees are motivated by seeing this and they, too, work hard to have a chance to receive accolades. Therefore, a healthy competition can be initiated.
However, you need to be careful and keep a vigilant eye so that this competition remains healthy. This approach can also assist you in determining the training needs of individuals, which will further lead to the growth of not only your organization but also your employees.
I hope that helps. In case you need any further assistance, feel free to contact me.
Take care and keep posting valuable content.