Module 8 - Innovation Metrics & Rewards
Innovation Metrics & Rewards - Top 30 Industry Metrics & Usage Rates
GGI will identify the specific metrics that corporations use to measure their overall results from R&D, and the frequency of their usage across industries.
Primary research, initially conducted by GGI in 1998 and repeated every two years for the past decade, investigated "Corporate R&D Metrics" in corporations in order to explore management's measurement practices at the top level of R&D. Respondents were asked to report which metrics were "in use" in their company by choosing from a list of 88 commonly used R&D metrics.
Innovation Metrics & Rewards - The Science Of Industry Metrics
"Corporate Metrics" measure R&D as a whole, across all activities combined. Some corporate metrics are "pure" overall measures like, "R&D Spending as a Percentage of Sales" or "Sales Due To New Products." Other Corporate Metrics are "rolled-up" measures, they are aggregated from lower level metrics. A good example is the averaging of time-to-market across all projects, resulting in a composite measure like "Average Time To Market." Project Metrics, Functional-Technical Metrics, and Improvement Metrics are categories that generally capture the populations of all level activity measures.
GGI will present a rank-ordered list by frequency of usage across all Corporate Metrics. Discussion will then focus on those metrics that specifically measure innovation behaviors and innovation results. Time will be spent explaining certain metrics in detail so that attendees will know how to calculate them in a way they can be benchmarked with other corporations.
Innovation Metrics & Rewards - The Range of Reward & Recognition
Rewards and Recognition cover the range of subjects of incenting, recognizing, and rewarding Tangible Innovation!™.
There are a variety of structures, processes, tools, and techniques that managers have at their disposal. Certain approaches are bigger picture and help to drive and foster innovative cultures and environments, but have little application at lower levels such as recognizing innovations that occur on a specific product or project. Other approaches are more tactical and operational in nature and are best applied to reward product and project innovations. These tactical approaches, when done over a long period of time will have positive cultural and environmental implications.
Innovation Metrics & Rewards - Employee Recognition & Reward
Does your company have a technical track and a management track? Is group innovation recognized and rewarded? How about individual innovation? What types, frequencies, and levels of recognition and reward get the most meaningful results? While the management science that addresses these questions is still far from exact and statistically correlated at this time, there are some "practice-verified" techniques that are generally believed to correlate to innovation improvement.
Primary research, conducted by GGI, studied industrial and high-tech reward and recognition techniques. Our consulting work has reinforced that these data will remain essentially unchanged during this decade.
Innovation Metrics & Rewards - Rewarding From The Corner Office
Brad Goldense was the Subject Matter Expert for APQC's 2nd R&D Productivity Study. The study was focused on CXO-level strategic drivers of innovative and productive behavior in industry, and their associated measurement and reward practices. Five global best practice partners were benchmarked by 15 sponsor companies. A handful of best practices from the corner office emerged.
Innovation Metrics & Rewards - Summary
The goal of this module is to present Summit participants with a range of useful metrics, and motivational reward and recognition mechanisms to nurture and facilitate innovation from both a top-down and bottom-up perspective.
If metrics are a primary interest of yours you may also want to consider our three-day Metrics Summit.