Though end-of-year bonuses once stood as the gold standard, today’s reward programs are more varied and reflect an organization’s unique culture and creativity.
From peer-to-peer rewards to gamification and front-row parking spots, reward programs are evolving with the speed of an Internet meme. Your own incentive program plays a key role in driving innovative behavior, so it must serve your business goals while offering an array of aspirational carrots.
4 approaches to a rewards program
As CEO of innovation-training firm futurethink, I’ve worked with the world’s leading organizations and the most effective reward programs I’ve seen are a blend of compensation, gifts, recognition, and perks. Top innovators combine monetary rewards with recognition, and individual with team rewards in order to achieve a balanced program.
Organizations such as Zappos.com, Westin, and Honeywell have a clear understanding of their short- and long-term innovation goals and have created reward programs that help them to meet their objectives.