A Christmas Bonus For Innovators

Should employees be incentivized to deliver high performance on day-to-day tasks? Of course we need that, but 20-30 percent of incentives should be based on "breakthrough new pathways for the company, experiments," says entrepreneur Jack Hidary. 

 

In a previous post, Jack Hidary described the process of visioneering, or how to solve grand challenges "just at the edge of human grasp." 


Hidary's answer is taken from his experience with the X Prize Foundation, which convenes two-day workshops with some of the world's greatest innovators that are designed to "increase the serendipity quotient of all the people in the room."

What's the Big Idea?

So where do you take it from there? How do you make those types of workshops more than just morale boosters and translate all of the excitement into real breakthroughs for your company? Hidary, who has built his career as an entrepreneur in the finance and technology sectors, suggests we need to reevaluate how we incentivize employees. 

"We know that we get what we bonus," he says. "We get what we measure." Too often today, however, we create bonus structures that really only focus on things like revenue and profit. Now, we all like revenue and profit, but if you don't create a bonus structure for new ideas and innovation, should you expect it to just magically happen? Probably not, Hidary argues.

Watch the video here:

What's the Significance?

Hidary says that CEOs, entrepreneurs and business owners everywhere must look ahead one year from now and ask themselves what kind of bonuses they want to be handing out to employees. Is the idea to reward high performance on day-to-day activities? You obviously need some of that, Hidary says, but that shouldn't constitute 100 percent of the bonus structure. 

"Keep 20 or 30 percent for a new kind of bonus," Hidary says, "a bonus that recognizes breakthrough new pathways for the company, experiments." Some of these experiments will be failures, no doubt. But others will surely be successes, some of them "far beyond anyone's imagination," Hidary says.

Image courtesy of Shutterstock

A still from the film "We Became Fragments" by Luisa Conlon , Lacy Roberts and Hanna Miller, part of the Global Oneness Project library.

Photo: Luisa Conlon , Lacy Roberts and Hanna Miller / Global Oneness Project
Sponsored by Charles Koch Foundation
  • Stories are at the heart of learning, writes Cleary Vaughan-Lee, Executive Director for the Global Oneness Project. They have always challenged us to think beyond ourselves, expanding our experience and revealing deep truths.
  • Vaughan-Lee explains 6 ways that storytelling can foster empathy and deliver powerful learning experiences.
  • Global Oneness Project is a free library of stories—containing short documentaries, photo essays, and essays—that each contain a companion lesson plan and learning activities for students so they can expand their experience of the world.
Keep reading Show less

What the world will look like in the year 250,002,018

This is what the world will look like, 250 million years from now

On Pangaea Proxima, Lagos will be north of New York, and Cape Town close to Mexico City
Surprising Science

To us humans, the shape and location of oceans and continents seems fixed. But that's only because our lives are so short.

Keep reading Show less

Sooner or later we all face death. Will a sense of meaning help us?

As a doctor, I am reminded every day of the fragility of the human body, how closely mortality lurks just around the corner.

Photo by Alex Boyd on Unsplash
Personal Growth

'Despite all our medical advances,' my friend Jason used to quip, 'the mortality rate has remained constant – one per person.'

Keep reading Show less

3 mind-blowing space facts with Neil deGrasse Tyson

Tyson dives into the search for alien life, dark matter, and the physics of football.

Neil deGrasse Tyson: 3 mind-blowing space facts | Big Think | dotcom
Videos
  • Astrophysicist Neil deGrasse Tyson joins us to talk about one of our favorite subjects: space.
  • In the three-chaptered video, Tyson speaks about the search for alien life inside and outside of the Goldilocks Zone, why the term "dark matter" should really be called "dark gravity," and how the rotation of the Earth may have been the deciding factor in a football game.
  • These fascinating space facts, as well as others shared in Tyson's books, make it easier for everyone to grasp complex ideas that are literally out of this world.
Keep reading Show less
Scroll down to load more…