We are only human and even the most dedicated worker needs some form of motivation and recognition. Sharing rewards and offering recognition for the best ideas is crucial to maintaining a strong innovation strategy in the long run.
Give credit where credit is due to incentivize employees to continue contributing ideas. It is down to you to establish a reward system, but an Idea Management software would help you to track ideas effectively and can therefore guide you in terms of appropriate rewards.
Rewards should not just be reserved for your internal staff but should also be considered in terms of your Open Innovation strategy. By offering a prize, business contract or other reward, you are more likely to generate better quality ideas from more experienced contributors. A firm’s reputation is directly affected by Open Innovation because it is usually public.
Therefore, it is advisable to treat people fairly. Other more intrinsic rewards could be the motivation to solve a problem, gain a profile in the industry, and even CV points from working with a large firm. Realistically, a mature Open Innovation strategy can never be about getting something for nothing.
1 in 4 employees is clearly dissatisfied with the rewards programs provided by the employer. EY, Rewards Survey 2016
Broadcast the successful implementation of ideas using Wazoku. Recognize great innovation inputs and keep teams engaged with the process. Learn how here.