I am not management, but I give recognition when appropriate anyway. I usually do so through email (typically at the start of a necessary email such as a status update, an analysis, etc.) and verbally during gossip sessions ("Joe's help with X was invaluable.")

I also make it a point to publicly credit whoever came up with a brilliant idea or solution that I'm using, so everyone knows that it came from them and not me.

I think that my coworkers appreciate that sort of recognition (informal from peers) more than official corporate recognition. At least, I know that I do!