A handwritten note: Yes this is old school but it is VERY powerful. Break out the stationary and write a couple of sentences commending your team member on a job well done. I keep a stack of thank you cards at my desk and when someone does something of note or I am appreciative of the time they are investing for the company I jot them a quick note of "thanks". It's the personal approach that is meaningful, its not just another email its a piece of mail. I don't know about you but I love mail, so when I receive a handwritten note it excites me. I often find that those who receive my handwritten notes have the card posted in their cube or keep it in a safe spot, it doesn't end up in the trash bin like an email does. Give it a try.

Upper management: At times it may be appropriate to alert upper management of a job well done. Sending a copy of your handwritten note not only to the recipient but also to their manager or the head of the office. Or maybe its an email and you cc' others on the email so they see the efforts put forth by the team member. What better way than to tell your team member not only do I believe you are doing a great job but I want others to see your efforts as well.
Recognition does have to take hours of your time, in a matter of minutes you can make another persons day! Take 15 minutes out of your week and write a note to someone who has done something worthy of recognition.
I am always interested in mechanisms others use for recognition, please share your ideas in the comment section.
~Faye