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Encouraging innovation through the use of pay incentives

encouraging-innovation-through

On Forbes.com, Donald Delves discusses ways in which pay can encourage innovation.

"Perhaps nothing is more necessary for the growth of companies than innovation," he ventures. He also points out that a company can't develop new products without a system for fostering and nurturing their best ideas. This is often recognised through compensation programmes designed to encourage innovation with pay incentives.

However, Delves warns: "This seemingly sensible approach can backfire and limit innovation. Real innovation too often involves unexpected ideas that come from unexpected places." Also, if the potential rewards have narrow definitions, the results will be similarly narrow and limited.

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