The Most Profitable Ideas For Your Business Are Lying Around Frustrated And Untapped Right Under Your Nose
By Chuck Yorke
A recent fascinating study carried out by the journal IRS Employment Review has clearly shown that ideas generated by staff can be worth millions of dollars every year.
The study asked some randomly selected companies to put an annual value on implemented ideas suggested by staff. Just to mention two of the companies polled, Siemens put it at 750,000 British pounds while Pfizer said that improvements ideas from staff generated 250,000 British pounds, annually.
The study noted that although a vast majority of staff suggestion schemes in many companies failed to produce much and were usually abandoned in the end, others usually lead to higher sales, more efficient ways of working and lower costs.
Interestingly 96 per cent of the corporations polled wanted greater staff involvement in their suggestion schemes. Another interesting point that emerged from the study was that although cash had an important part to play in staff motivation, executives believed that workers placed more value on the recognition they received for their efforts.
What all this proves beyond doubt is the fact that the most profitable ideas for improvement in a business are usually lying around frustrated and untapped right under the noses of corporate executives. To make matters worse these ideas usually remain untapped even as most enterprises face stiff competition and falling sales in the marketplace. When things go wrong company boards focus on changing management or acquisitions when the most effective source of solutions is readily available and already on the payroll. And what's more is that it is not too difficult to launch a program for motivating workers to constantly generate ideas for improvement in any corporation.
It is really sad that most enterprises these days do not make any use of this highly effective resource already available and at their disposal in the business.
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Very long title - very short article. No excuse not to read.
Regards,
Simon
By Chuck Yorke
A recent fascinating study carried out by the journal IRS Employment Review has clearly shown that ideas generated by staff can be worth millions of dollars every year.
The study asked some randomly selected companies to put an annual value on implemented ideas suggested by staff. Just to mention two of the companies polled, Siemens put it at 750,000 British pounds while Pfizer said that improvements ideas from staff generated 250,000 British pounds, annually.
The study noted that although a vast majority of staff suggestion schemes in many companies failed to produce much and were usually abandoned in the end, others usually lead to higher sales, more efficient ways of working and lower costs.
Interestingly 96 per cent of the corporations polled wanted greater staff involvement in their suggestion schemes. Another interesting point that emerged from the study was that although cash had an important part to play in staff motivation, executives believed that workers placed more value on the recognition they received for their efforts.
What all this proves beyond doubt is the fact that the most profitable ideas for improvement in a business are usually lying around frustrated and untapped right under the noses of corporate executives. To make matters worse these ideas usually remain untapped even as most enterprises face stiff competition and falling sales in the marketplace. When things go wrong company boards focus on changing management or acquisitions when the most effective source of solutions is readily available and already on the payroll. And what's more is that it is not too difficult to launch a program for motivating workers to constantly generate ideas for improvement in any corporation.
It is really sad that most enterprises these days do not make any use of this highly effective resource already available and at their disposal in the business.
###
Very long title - very short article. No excuse not to read.
Regards,
Simon
