Incentiprizing

In a recently posted article from the Huffington Post called “’Incentiprizing': The New Path To Business Breakthroughs,” the author, Naveen Jain, comes to an interesting conclusion about how to successfully grow your company from the inside. He begins his argument by noting that process most companies use to increase innovation and growth is to hire new employees. Jain then proposes that instead of going through this process, it makes more sense to create incentives for your current employees regarding innovative developments, investment ideas, and other such ventures. He quotes Sun Microsystems co-founder Bill Joy, who said, “No matter who you are, most of the smartest people work for someone else.” Jain notes that this very opinion gets employers stuck thinking they constantly need new talent in order to create new ideas.

This theory, Jain notes, is not so. He argues that there are employees at every company capable of thinking outside of the box for a company’s needs, and that the best way to tap into this hidden pool is through incentive contests, effectively singling out those employees who will be most useful for your business endeavors. To quote Jain, “Instead of looking for that needle in the haystack, let that needle come straight to you.”

 

Check out the full article here to see what Jain suggests for creating your own Incentiprizing initiatives!