Reward System Linked to Product Innovations

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Reward System Linked to Product Innovations

Woodrow Rowell

9/22/19

Reward System Linked to Product Innovations

Innovations currently play a critical role in organizational performance. As a result, human resource and managers are constantly seeking answers to how best they should reward innovative employees. For the paper, the strategy the strategy that I would use to deploy new reward systems in product innovation and product launches that I will undertake overseas is recognizing long standing excellence by having internal honor societies and awarding research grants. Another aspect is to distinguish between individual and team recognition by offering bonuses, trophies, technical stipends financial rewards and vacations. I would also use reward patent innovation, this is done by offering patent rewards. The organisation will also have a royalty compensation plan which involved sharing percentage of profits or purchasing additional equipments for further research (Mponda, & Biwot, 2015). Besides, measuring performance and tying compensation to performance of a new product is also critical. Also during product launch I will use factors such as meeting time targets, exceeding revenue and profit goals and assessing customer satisfaction to determine the size of the bonus.

The human resource strategies will be deployed by using inter-location deployment. This will make employees performance more oriented through increasing their competencies. Besides, changing of employee environment, results to new and invested initiatives and enhanced personal development programs Also, moving to a new area provides an employee with extra demand to show signs of high motivation design and redesign of a positive view of the organisation (Walton, & Webb, 2016). Another strategy is to use interdepartmental deployment, this will enable employees become more productive, innovative and increase their commitments rates, loyalty and satisfaction rates. An employee is also in a position to learn more about the organisation its programs, activities which increase their flexibility, developmental ability and effective and efficient customers.

References

Mponda, J. M., & Biwot, G. K. (2015). The Effects of Deployment Practices on Employee Performance among the Public Banking Institutions in Kenya A Survey of Post Bank Coast Region. International Journal of Scientific and Research Publications.

Walton, G., & Webb, P. (2016). Leading the innovative and creative library workforce: approaches and challenges. In Innovation in Libraries and Information Services (pp. 257-275). Emerald Group Publishing Limited.

 

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