How to Reward Employees in Innovation Programs

When building an innovation program, it's important to win employees over and get them to support the initiative. One way to do this is through rewarding employees for their ideas and innovations. However, this is a nuanced topic that requires a more comprehensive approach than just handing out cash prizes. Different people are motivated by different things, and most top innovators are not primarily motivated by money. Also, the effect of most rewards is fleeting and doesn't necessarily lead to the desired output of better business results. Instead, intrinsic rewards such as challenge, mastery, and purpose are the proven sources of motivation for innovation. Rewards must be aligned with organizational culture and values, and for innovation, it is often better to reward teams instead of individuals. Additionally, rewards should be related to the task at hand, and career opportunities such as the option to implement ideas can be more motivating than cash prizes.