Have young schoolkids come up with the categories for the awards that they want to distribute. Then, have the artistically inclined kids make the awards. For instance, they could make the drama queen a crown, or the most bookish student a hat with books on top. Let the kids vote on who should win the awards, although you can have final say.
Keep your eye out for goofy things about the kids to reward later. For instance, if a kid falls down a flight of stairs in the first week of class, on the way to history class, award him the "Head over Heels for History" award. Of course, also be sure to reward kids in the categories in which they have worked hard and deserve to be rewarded. For instance, reward kids for being the best scientist, best student, best athlete or best artist.
Reward co-workers by acknowledging high performance. You could give out a hardest worker award, a best performance award, a most improved award, and awards for various other superlatives, including best smile, best laugh and most motivating. Of course, if the opportunity arises, give out goofy awards. For instance, give a reward for having the "Best Ongoing Water Cooler Soap Opera," a "Copy Machine Hog" award, and a "Custodian's Choice" award for having the neatest or messiest office.
You have many options for how to deliver awards, but it generally will be in the form of certificates, medals or small, inexpensive trophies. Consider creatively giving out distinctions using candy. Lifesavers could be given to a team player, who is always willing to help, while a Mr. Goodbar might be given to someone with no shortage of friends. SweeTarts should go to the sweetest person, while a 1,000 Grand should go to the person most likely to succeed or to advance in the company.