Posted by Tom McMullen
Most companies say that innovation is a core value and reward professionals overwhelmingly report that incentive programs have a positive impact on encouraging innovation, according to new Hay Group research.
One of our prior Hay Group studies found that the “Best Companies for Leadership” are more likely to reward innovation and collaboration than other organizations. But while these organizations understand the importance of innovation and their incentive programs can help reinforce a culture of innovation, creating the right plan that does that is not as easy as it sounds.
The Conference Board recently identified innovation as the number two challenge for CEOs in 2015 (it was number three in 2014). Hay Group found that the “Best Companies for Leadership” are more likely to reward innovation and collaboration than other companies. Furthermore, there is a trend to expand the responsibility for innovation beyond the R&D function to employees throughout the organization (Baumann & Stieglitz, 2013).
Together with Dow Scott, ...