It is important to recognize the best work at all times, irrespective of the method of rewards and recognition. Each company will differ with their own way of recognition. Since you asked for appreciations and gift details, here below is some information that may give you an insight.
Evaluation of Best Work
For all recognitions, ensure to have a proper period/mode of evaluation of best work. For example, you can evaluate on a team basis/period basis like quarterly/monthly/weekly, etc. Once you set the mode, it comes to appreciations and gifts.
Appreciations and Gifts
All the good work should receive an appreciation letter, as a word can vanish after some days, but not the write-up. A gift in this appreciation is a hygiene factor. Its presence may not carry a worthy motivation, but the absence will definitely bring dissatisfaction.
To ensure the presence of this hygiene factor, tie up with corporate gifting companies for better-tailored gift options. If not, you can choose some gift vouchers, organize trips with their family, gifts of accessories, etc.
Please find attached the appreciation letter for your further reference.
Regards