This is something my employer has instituted--any employee has the ability to call out another employee for a job well done.

This is on top of an employee of the month program. Upper management takes this program very seriously (the award is a reasonable bonus, plus the winners for the year are given the opportunity to win an expenses-paid weekend vacation. This program is driven by employees as well--upper management cannot vote.

I'm not particularly driven by this sort of recognition, but it is comforting to know that folks genuinely want to reward others for a job well-done.