Factor 21: Retension of Innovators
Factor extremes as measured in survey:
Innovators tend to stay with the organization
Innovators tend to leave for other organizations to start new ventures
Overview to restructuring initiatives
It is relatively easy to track a corporation’s success in retaining (and attracting) innovators. Industry newsletters abound with stories of defections of key staff whether at the managerial or technical levels. Departures can have an effect on the stock price if they are seen by the market as significant moves.
Historically, companies provided lagged incentives to encourage key personnel to stay; i.e. funding of incentives would be realizable 5 years down the road and if the individual left early he/she would forfeit the incentive. Such programs are falling out of favor as a means for retaining key personnel.
More than anything else this Factor is a measure of the success with providing incentives and rewards to innovators, a Factor which is referenced in Factor 14.
An example of managements action to keep the innovators in house
Time Magazine; February 20th, 2007. To keep innovating Google has to outspend its competition to attract the best brains. Supercharging the nerd – paid top money for the best. Google has at its facility; a pool, several lounges, dogs can come to the workplace, gourmet meals each day, massages that are subsidized, desk top games.
- Factor 1: Management's Profit Emphasis
- Factor 2: Management’s view of innovation
- Factor 3: Tolerance for Mavericks
- Factor 4: Planning Emphasis
- Factor 5: Tolerance for failure
- Factor 6: Management of People
- Factor 7: Use of Career Ladders
- Factor 8: Tolerance from the Corporate Norm
- Factor 9: Tolerance for Risk
- Factor 10: Degree of formal communication
- Factor 11: Use of Independent Work Groups
- Factor 12: Input into Management Decisions
- Factor 13: Formality of the Decision Process
- Factor 14: Rewards for Innovators
- Factor 15: Planning vs. Action
- Factor 16: Attitudes Towards Mergers, Ventures, Etc.
- Factor 17: Loyalty
- Factor 18: Corporate Hierarchy
- Factor 19: Resources for New Ventures
- Factor 20: Staff vs. Line Involvement
- Factor 21: Retension of Innovators
- Factor 22: Innovative Tradition or Not
- Factor 23: R&D Budget Levels
- Factor 24: Perception of Innovation Changes
- Factor 25: Role of Employee Organizations