Rewards for jobs well done don't need to be expensive to be effective. Following are some low-cost, yet valued options:

Offer private or public praise. A heart-felt "thank you" can go a long way in the minds of your employees who have worked hard to achieve their goals.

Communicate an individual's achievements to upper management. This could ideally result in a note or letter of appreciation from a senior manager to the employee.

Highlight accomplishments on the company's Intranet. This makes the recognized team members feel appreciated and your other staff more inclined to work toward earning the same type of recognition.

Offer time off from work. It's often the best performers who postpone vacations or even days off. You can not only reward them but also make it easier to leave the office by temporarily reassigning some of their duties so they don't return to a mountain of work.

Increase responsibility. When employees exceed expectations and you give them more authority, you're showing you believe they have the talent and capabilities to make even more contributions to the organization.

Share praise from clients and stakeholders. This demonstrates professionals' bottom-line value to the company.