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The attached document contains a number of ideas (from no-cost to low-cost) for employee recognition and appreciation. This list is from the washington.edu site.
A number of ideas are very specific to the US work culture but some of them can definitely be applied in India as well.
I hope these ideas come in useful for you.
Regards,

From India, Mumbai
Attached Files (Download Requires Membership)
File Type: doc Employee Recognition.doc (36.0 KB, 1947 views)

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