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Yes, this is necessary
Yes and No. Rewards and Recognition can be tricky. The people who get RR may get motivated, but what about people who doesn't get RR? Some of them will be motivated achieve RR, some may not.
But this could be a different story if a Team awarded with RR.
R& R is an activity that is done in most companies on a quarterly basis. This is an activity that congratulates those at the top of the bell curve or stack . Gift items and certificates are given out. During this meeting the top performers who have a chance of being promoted in the internal job postings get a chance to met their interviewers when they apply for the internal job postings (IJP) .Also the top management interact with the best recourses of the company. It is a win win activity.