Some people enjoy public praise or having their picture posted, but not all of us do. --Knowing that we're doing a good job and quiet/low key recognition on occasion is enough. And if our employer wants to give us a bonus, well, who's going to say no to that?
Also, for other "big" recognitions, you'd better be damn sure the person deserves it. I've seen people who did one thing at the right time in front of the right people that earned corporate recognition and a bonus while the rest of us were doing equally valuable stuff at a less visible level and got nothing. Nothing kills productivity faster than that.
What HR fails to understand is my employees are professional managers and this is uncomfortably similar to giving a dog a treat when it sits up and begs. Given their incomes are well into the 6 figures, this is particularly ridiculous.
My reports know I have to occasionally hand out these token treats to appease HR and are well aware that I reward them for performance in their bonuses, where it counts.
We've made it an insider joke - I now throw a meeting once a month and hand these wretched things out. HR is invited to it and the staff gush effusively over the reward. I swear they are more motivated by the charade than anything.