People and Talent
Build an innovative workforce
Covered in People and Talent
- How could hiring entrepreneurs help us?
- Which employees make the best intrapraneurs?
- How do we motivate employees to contribute?
- What role does HR play in innovation?
IDENTIFYING EMPLOYEES AS INNOVATORS
“1) Startup mentality: Instead of problems, intrapreneurs only have eye for opportunities. Dynamic thought and a can-do-mentality are vital for someone who needs ‘to transform ideas into new businesses’.”
“What are the characteristics, habits, and behaviors of the species entrepreneur? Is there a learnable and teachable “core” to entrepreneurship?”
“The problem? Most employees believe that management does not inspire them to do great work — or give them the opportunity to do so. Fewer than half of those in the lower ranks who have the chance to think through an idea believe they have access to the necessary means to execute it: money, staff, and support.”
“In parallel, we ask the employees to start thinking about what they would like to create. We have come to the conclusion, after several years, that most employees in large organizations don’t have enough background, enough methodology knowledge, to be able to develop and present an idea in a way that makes a lot of business sense. They need more methodology guidance before even coming up with the idea- things like how ideas are framed, how ideas are validated, and so forth.”
“Established corporations are looking for ways to innovate. Historically, the focus often lies outside the organization. Corporations buy, merge, or partner with established innovative companies to increase market share and competitiveness as they often find it challenging to create such radical innovations in-house. Intrapraneurship puts the people of an organization in the center and supports them in creating, developing, and scaling their existing ideas.”
“Our latest report, Hiring Innovators: How Innovation Teams Bring on Top Talent, explores how some of the most successful companies are: Getting the budget, Describing the role, Working with HR — and promoting openings on their own, Evaluating candidates, and Integrating new hires into the organization.”
“..nothing fuels organizational status quo more insipidly than entrenched, unchallenged, long-standing incentive systems. If you are on a path to improve innovative thinking and behavior in your organization, and you find yourself running into trouble, the very first place you might want to look is: your incentive system.”
“Some companies take a tiered approach to incentives. Volkswagen, for example, shares up to 50% of the value of small ideas, but only up to 10% for high-value ideas. That makes sense, because a company can easily act on a lot of small ideas, such as “If we change the position of these two machines, the production process is shortened by one second,” but can implement only a small number of big ideas.”
“When you use new-product sales metrics to measure how to pay employees for successful innovation, you can impose the kind of pay-for-performance discipline you associate with financial goals on an endeavor that traditionally has been treated as non-financial. At the same time you can improve your performance and pay for what shareholders really want: the future.”
“..after analyzing the progression of 5,000 ideas, the researchers identified a few operational decisions that collectively paid off more than tenfold. Their findings, especially when coupled with those of their colleagues in academia and industry, contain four approaches companies can use to spur innovation.”
“1) 3M’s Carlton Society honors outstanding technical and scientific career achievements. 2) Goodyear Tire & Rubber nominates R&D Fellows to recognize lifetime technical excellence. 3) PPG elects long-standing innovators into the PPG Collegium and recognizes other key contributors as Corporate Fellows.”
Recognition is a crucial component to building a sustained and thriving innovation community. First, encouraging greater communication and transparency builds trust between employees and managers. In this environment, employees can contribute ideas without the fear of being “wrong”.
“Samsung has financially rewarded employees who submit patent applications on its behalf, as well as team members who apply the new technologies to its products.”
MORE GREAT CONTENT ON PEOPLE & TALENT
© 2017 Econic, LLC. All rights reserved.