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Innovation is ultimately about return on investment at the end of the New Product Development process. With the success of a new product launch, everyone benefits – from shareholders and company employees to the consumers. Innovation done well reaps market share gain, new products and new features. Essentially, everyone wins.
The last imperative of Robert’s Rules of Innovation is Net Results, Net Reward, meaning recognizing the people who contributed to the development of a new product. It’s important to reward actions with incentives for sustainable effort.
Rewards for a successful New Product Development process can be monetary – often the key stakeholders get a product launch reward or a percentage of sales from new products. But all members of the staff need to be rewarded, and motivation isn’t always about money. In fact, non-financial motivators can rise above other incentives. Praise from managers, the attention of leadership and the chance to lead projects are strong motivators that can top even monetary rewards. People mostly want to feel recognized and appreciated for their contributions. If those needs are met, employees stay engaged until after the new product launch and for more development processes to come. Rewards enhance an employee’s commitment to the company, boost workplace morale and motivate future efforts.
The fruits of your team’s labor benefit all. These successes must be rewarded – and in the appropriate manner. Here are some tips on why you should reward your employees and how:
- Innovation and ROI: True Innovation results in value creation for all stakeholders – in terms of financial return, increased market share and enhanced profitability; this is the ultimate goal of your sustainable Innovation program.
- The Right Rewards: Rewards and recognition systems can take many forms, from a bonus percentage based upon new product sales to peer acknowledgment and awards.
- Recognition: Pride…a thorny problem solved…the personal satisfaction of a job well-done – these are some of the intrinsic motivators that make creative people tick.