Rewards for Innovation that don’t cost anything (well, not too much)

Innovation needs impetus and rewarding participation in Innovation is really important. One of the best ways to achieve this impetus is by offering prizes. We all like prizes and we are mostly competitive and want to be rewarded for our efforts. Prizes offer that extra bit of motivation to go the extra mile.

Prizes don’t have to be all about money – indeed one of the problems that organisations have with rewarding staff for ideas with monetary prizes is that it creates an incentive NOT to share ideas until there is a prize on offer! Prizes don’t need to have a monetary value however, here are some ideas;

Entry into a lottery syndicate (the firm buys the ticket)

A monetary donation to a charity

A day off or a pass to leave early

A pat on the back from the boss in the company magazine

Flexible hours for a month

Reserved parking space

The keys to a company car for a week