Using speech-to-text or dictation software is an easy and effective way for students to get instantaneous and objective feedback on their pronunciation without the intervention of a teacher. For those who use Google Chrome, Simple Dictation is a free and effective extension that students can access within their web browser.
To get Simple Dictation, go to the Google Chrome Webstore and input "dictation" into the search box. Adding the extension is then a simple click away. To activate the extension, follow the instructions in the video below.
What I like best about this method is that it takes the teacher totally out of the equation. Students can visually see their pronunciation errors, allowing them to troubleshoot on their own. Sugata Mitra, an educational technology professor from Newcastle University, showed the effectiveness of using a speech-to-text program to improve second-language pronunciation in a fascinating experiment with children in Indian slums, which he discusses in his Ted talk on "A Child-driven Education".
An alternative to individual practice would be to pair students up, where one partner speaks and the other monitors the pronunciation and the transcription. When the monitor hears and/or sees a pronunciation error, he or she can alert the speaker and, using the target language, explain the problem and help him or her improve.