Engagement and Retention: Essentials of Idea Management

Abstract

This chapter aims to give first-hand information and valuable insights for establishing an idea management process and for accelerating the development of a truly innovative spirit in a company. To stay in business, it is indispensable for companies to come up with customer-relevant innovations. However, many innovation projects fail, not because of a shortage of ideas but because of the inferior quality of the ideas generated. In order to avoid this particular mistake, it is crucial to establish a structured idea management process from the beginning.

The authors explain the seven steps of the high-value idea management process that should be taken into account in order to avoid the mistakes companies tend to make. This also helps to establish the idea management process as an integral part of a company. Important high-value idea management techniques are explained in detail. This gives managers a good overview of how to develop a regular idea into a high-value idea taking into account that idea management is not limited to research and development departments, but uses the potential of all employees.

Companies where innovations are valued and encouraged are inspiring places to work. Employees are much more engaged in their daily tasks because they are able to bring in more of their strengths and abilities. This is a greater motivation than financial incentives and has a lot to do with the culture, the organizational structure, and the type of leadership in an organization.