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Use reward programs to drive innovation

As markets change and new technology becomes available, some companies are able to adjust while others remain stuck in their existing roles and are slowly left behind. The difference between these two groups is often the level of innovation they see internally.

Successful organizations are able to quickly adapt to new situations. As markets change and new technology becomes available, some companies are able to adjust while others remain stuck in their existing roles and are slowly left behind. The difference between these two groups is often the level of innovation they see internally.

Innovation allows businesses to overcome challenges and pursue new markets. The exchange of ideas within organizations leads to exciting opportunities that grow revenue and reach new audiences. Unfortunately, innovation is difficult to cultivate in most companies. Forbes notes that approximately 70 percent of efforts to encourage change and creativity fail.

Employee reward recognition programs can help firms develop a more innovative culture. These initiatives give managers the tools they need to encourage the exchange of ideas necessary to spark creativity. The source states that innovation needs to be encouraged at every level of business. One of the key aspects of building an innovative culture is promoting the concept that everyone has ideas that could potentially lead to breakthroughs and success. By rewarding employees for their ideas, companies can inspire every worker to make suggestions.

In his book Imagine, Jonah Lehre writes that great ideas often come through collaboration. Initial perceptions are often inaccurate, and they need to be refined before becoming successful new products or buzz-worthy marketing campaigns. Teams are essential to producing workable solutions to problems, according to Lehre, as they allow suggestions to be tested quickly to determine their merit. Recognition programs can be used to promote the value of collaboration and motivate teams to further develop innovative concepts. 

Focusing on teamwork and building a creative environment allows organizations to break from static roles that can limit innovation. However, a separate article by Forbes states that there should be a formal process for workers to submit suggestions. Good reward programs provide structure for contributing and developing ideas. This structure also keeps employees focused on long-term goals, ensuring that innovation helps firms remains properly positioned within the market.

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