Innovation Rewards – Why Are They Important?

innovation-rewards

An employee who goes out of their way to think about what the business is doing wrong, and then comes up with a plan to help the company is known to be innovating and thinking about the company’s objectives. In any business around the globe, innovation plays a very important role.

It doesn’t matter what industry you operate in, there is always going to be a need for people who are able to think outside the box and come up with innovative solutions to existing problems for business owners. However, innovation rewards should also be given out from time to time to encourage employees and keep them motivated.

Innovation Management

Innovation management is a crucial concept for business owners because it allows them to balance the amount of innovation taking place within the company. Innovation management is all about making sure that employees don’t spend their entire day rethinking the wheel. That’s not the plan.

However, it’s also equally focused on making sure that employees don’t become too comfortable in their jobs; they should keep an eye on where they can innovate and come up with a unique or interesting idea. But, when they do, innovation management should make sure that their idea doesn’t get quashed.

There should always be someone who is willing to listen to them and give them constructive feedback about their ideas. However, it’s also important to note that people should be allowed to come together and discuss different ideas with each other. Now, how do you reward innovation? There are several ways to reward innovation with responsibility, as discussed below.

Reward it with Responsibility

One of the best things that you can do is reward innovation with a bit of responsibility. There are always going to be employees in your organization who are just jumping at the chance for more responsibility. You can reward innovation by giving the employee who came up with the idea a bit of innovation.

One of the biggest mistakes that people make is that they take on a great idea themselves and the person who comes up with the idea is simply a bystander, reduced to the role of simply giving feedback. However, a good leader knows that to empower their employees, they must give them the responsibility to carry it forward themselves.

This will mean that the employee is going to be more invested, and if the idea doesn’t pan out, they will have gained excellent, irreplaceable experience that is only going to make them better at their jobs.

Give Freedom

Good leaders understand that true innovation only comes when an employee feels free. Give freedom not just as a reward, but turn it into an office essential. Every employee should feel encouraged to speak about their experiences and if they have an idea, they should feel that they are able to approach the bosses without any problem.

If an employee feels hesitant to discuss an idea with their bosses, it means that you are doing something wrong. By giving the team enough freedom to solve their own problems, you will also encourage them to think outside the box. When a problem arises, don’t meddle in it.

Let your employees think about problems from their own perspectives and reward whoever comes up with the most innovative solution. It might seem like a questionable approach, but affiliate leaders have already shown that they are able to work better and get the best out of their employees because of this approach.

Flexible Work Approach

If you haven’t already made flexible working a thing, it might be a wise idea on your part to do that right about now. The pandemic has shown the importance of flexible working hours, and according to a survey, it’s easy to understand that most people would be willing to work for employers who offer flexible working hours.

The good thing about taking a flexible work approach is that it gives employees the peace of mind and the mental space in the hours that best suit their needs. For instance, if an employee has to complete a piece by midnight, you can give them the deadline and then allow them to decide when to finish it.

The focus should be on meeting the goals and as long as the deadlines are met, it shouldn’t be a problem at all. The finer details of the roles can be discussed accordingly, and if you want your company to grow, introducing flexible working hours is one of the best things that you can do for your business.

Tangible Rewards

Most people will believe that recognition is a good reward in itself, but when we talk about giving rewards for innovation, most leaders will almost automatically come to one conclusion: giving a financial incentive to employees. For good reason too, because extrinsic motivators play a very important role in satisfying professionals.

It obviously sounds a bit confusing, but you have to understand the distinction between recognition and reward. Even though recognition is critical for the professional development of employees, you also have to understand that rewards are an important factor. They are going to help employees continue on their path and will encourage them to perform better.

Value Effort

Ignoring effort is one of the most critical mistakes that you can make that is likely to cause many hard working employees to leave the company. Remember, one person might have come up with the idea, but it simply won’t be possible to execute without the hard work of the rest of the team.

Never ignore an employee’s effort and make sure you always encourage your employees. Ultimately, this is going to help create a more positive experience for your employees and it’s going to paint you in a good light.