This proposal explains how our company can become innovative. The proposal highlights the best methods to measure and reward innovative employees. The identified methods include remunerations and commissions for every innovative product. The paper examines how the system will affect the company’s financial management practices and investor relationships. The market perceptions among shareholders will also change.
Measurement and Reward System
Our company is on the right path towards achieving its goals. The company should do more in order to promote the innovation of its employees. Innovation will become a high priority in the business. Innovation will become a significant aspect of the company’s culture. This proposal explains how the firm will measure and reward employees for their innovative thinking. The practice will support the firm’s productivity and performance. The company can measure innovation using certain strategies. The first approach is analyzing how the employees support the goals of the company (White & Bruton, 2007). The company should also measure the level of participation. These methods will ensure the firm is on the right track towards realizing its goals.
The company should measure success using various indicators to ensure the system is successful. The company should analyze the number of products and services designed by the employees. The company should monitor the benefits of these products designed by the employees. Teamwork should also become a critical factor in this corporation. The success of these teams will ensure the corporation realizes its targeted goals. Every employee should also report the progress of his or her project (White & Bruton, 2007). These strategies will measure the success of the firm’s innovative strategy.
The system will analyze the effectiveness of the ideas and processes used by our employees. These projects will succeed and promote the level of profitability. The level of innovation will also increase in the firm. The firm should retain its current hiring process because the proposed system will not affect it. However, “some challenges might occur, especially when the company focuses on talent other than academic qualifications” (White & Bruton, 2007, p. 47). The firm should use the best hiring practices to address the above challenge. The managers should ensure every employee comes up with innovative ideas and products.
The other critical issue is rewarding employees for innovative thinking. Innovative ideas are the backbones of successful firms and companies. Innovative employees are assets to the firm. Innovative thinking increases employee motivation and empowerment. The company will reward employees for their innovative thinking. The company will ensure every employee benefits from the process. The HR manager should increase the remunerations and allowances availed to every employee. The practice will put the firm on the best path towards better performance. The HR department should reward every innovative product in a proper manner.
Every successful innovator in the company will receive a commission for his or her products. The company might also increase its employees’ salaries for their innovativeness. Such employees should also receive the best allowances. According to White and Bruton (2007), the company should implement an effective system in order to discourage competition among the employees.
The new system will affect the company’s financial management structure. The company will have to redesign its financial management procedures. The practice will ensure the company avails the best resources for every innovative product. Investor relations will change after the company becomes more innovative and competitive. A large number of investors will make our company the best business partner. Shareholders will also adjust their perceptions about the business. The shareholders will benefit from this practice because the company will increase its worth (White & Bruton, 2007). Our managers should consider the best strategies in order to support the system.
White, M., & Bruton, G. (2007). The Management of Technology and Innovation. Mason, OH: Cengage Learning. Web.