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Posted by Joni Rose Apr 2, 2006 |
Creating a company culture that promotes innovation can be a challenge. It requires an executive that is keen on hearing ideas and determining best practices. Some people are very threatened by creative thinkers if they struggle with being innovative. We have all had an idea stolen by a coworker or worse, a boss. This type of idea raping can prevent the sharing of ideas in the future.
To ensure that ideas are shared, give credit where credit it due. Incentives such as rewards, announcements or a share of any cost savings in the form of money to a department's budget or cash bonuses can encourage idea sharing.
Leaders need to resist the temptation to suggest their ideas as the only solution. There are many ways to Rome and giving staff the opportunity to find their own method or pathway can reveal very unexpected and unique ideas that may generate a lot of revenue or save the company thousands of dollars!
It would be difficult to put a price on what innovation means to the bottom line. I would take an educated guess though that the price of not innovating would affect profitability more than any cost associated with generating a culture of innovation.
For more on the topic of innovation, read the article Faciliting Innovation