Companies Rewarding Employees for Entrepreneurial Ideas

Gone are the old days of having a suggestion box at work.  Today’s modern company has set up some much more sophisticated ways of obtaining knowledge and creative ideas from their employees.  The following list contains some useful tools that employers have utilized that have even replaced their need to go to outside consulting firms:

• Innovative Management Programs – Sites like Brainbank, InnoCentive and Spigit are just a few of the popular sites that companies use to allow employees to submit and vote on ideas.
• Idea-Management Websites –  PriceWaterhouseCoopers created a company site to gather employees’ input about cost cutting, improving customer service and other ways to improve revenue.  These sites can be very successful.  IdeasAmerica, an association for suggestion administration, surveyed customers and found that ideas submitted by employees saved over $110 million or an average of $1256 per idea.
• Set up Kiosks – Bruce Power is one of many companies who have set up idea kiosks.  Resembling ATMs, these kiosks are easily accessible and allow employees to vote on ideas.
• Create Financial Incentives – Companies may give rewards for employees’ ideas that result in cost savings.  They may receive financial incentives or points to use toward rewards.
• Set Up Idea Challenges – Allstate created an online challenge for its employees to come up with some good ideas about how to create their company app.

Related Articles

• Top 10 Most Misunderstood Entrepreneurial Words
• Famous Entrepreneurs Who Hit it Big With Humble Beginnings
• Most Inspiring Women Entrepreneurs
• Top Five Things to Know to be a Successful Entrepreneur
• 50 Famous People Who Failed Before They Became Successful
• Top 50 Venture Funded Companies for 2011
• Top 5 Networking Tips for Small Businesses
• Time for a New Career? Change the Daily Grind to a Job of Your Dreams
• 50 Excellent Lectures for the Small Business Owner
• Top 10 Company Mission Statements in 2011
• Why Companies Are Not Going IPO: Are Skype, Twitter and Facebook Projected IPOs in 2011?
• An Entrepreneur’s Startup Business Model Checklist