Innovative Thinking in a Business Measure and Reward Mgt 411

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Innovative Thinking in a Business: Measure and Reward System MGT/411 Innovative Thinking in a Business: Measure and Reward System To reward employees for their thought and better the welfare of the company, certain ways of communication can determine the longevity of a company and how to measure and honor employees for practicing innovation thinking and decision-making to help future practices of Kudler Fine Foods. The ability to find success, hiring processes and practices, employee rewards, and financial management for our investors will help the morale and longevity of employees in many ways. Providing innovative ideas from employees and team leaders, the company can have support from staff and workers to efficiently raise profitability. Measuring and celebrating success will be very important. New innovations will be considered and implemented, but the company will have to decide if they are working. Going forward, a successful innovation will be defined as a new product or system that saves the company resources or increases sales. The innovation will have to be cost-effective because spending more than the company saves will not result in success. Each store will have clear goals and expectations. Any stores who show growth over last year will be rated as successful. In a time of slow economic growth, any growth will be celebrated. The stores will be ranked against one another by size. Stores will know where they stand and can alter their plan accordingly. Several areas will be evaluated, but profit growth over last year will be the determining measure. The company has established a compensation system based on job performance with pay grades related to the requirements and responsibilities for each position. The key positions and also the hard to recruit positions may receive a market premium. The company also will supplement this pay system
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