Part of the ethos of our school is that every child is a valued member of our school community snd every child contributes something special to that community. Making sure everyone gets star of the week at some point during the year reinforces that ethos by recognising that they all bring something to the table.
We also do individual recognition outside of star if the week, for example of a child gets a medal at their football club or a badge at cubs or some other notable achievement then parents can send in their medal/badge/certificate and they get presented with it in assembly (as well as their original presentation wherever they first got it from).
There is a weekly friendship award which is given to pupils who have been kind, friendly, inclusive, and helpful.
There is a monthly reading award that comes with a cumulative reward. Every time a child reads they get a point. Ten points they get a gold headteacher award sticker given in assembly, twenty they get a certificate, forty an extra ten minute playtime, fifty a bookmark, and so on.
It's possible to celebrate individual achievement as well as celebrating everyone but making one reward inclusive of everyone regardless of ability makes sure everyone gets recognition at least once. This is important for children.