The benefits historically of having the best and brightest minds working at your company or organization are self-evident. When you recruit and keep the top talent in your industry, you stand the best chance of not only beating your competition, but you may also be able to outlast them. The same can be said about R&D departments: those who leverage the brightest minds in any field will innovate faster, more efficiently and with far less investment.
How do you attract the best and brightest minds to your R&D department? While there is no single formula to follow, there are a few things you can do to increase your chances of landing the top talent for your R&D department and surviving long past your competitors.
One of the largest motivators for employees, and attractions for job seekers, is challenging work. Boredom is a very real problem for companies, as currently only 13% of employees worldwide feel engaged at work. People seeking new jobs are looking to feel fulfilled in the work they do. They also want to feel as though they are being challenged, that they are using all the skills they have gained over the years to solve intricate problems that matter. Companies that are seeking new talent for their R&D departments need to first prove that they are consistently pursuing new initiatives and problems that challenge employees. These leading companies also know that recognizing employees for their success and increasingly their collaboration, makes a difference in attracting and retaining talent.
Brighter minds and engaged employees are more susceptible to boredom and disinterest in topics they find to be not worth their time or effort. To counter this, businesses need to continue pursuing new and engaging ideas that make people well versed in various fields of expertise interested in working for their company.
Avoid Innovation Stagnation
Have your employees spent years trying to tackle the same problems within your organization? Innovation stagnation kills motivation; it prevents employees from advancing in their careers, and it results in work that becomes old and boring after years of trying to solve the same issue. When looking for new work, the best and brightest appreciate an R&D department that avoids stagnation at all costs. If your R&D department cannot solve an issue, a prospective new hire will want to see that new approaches are being taken rather than employing the same tactics that have not yielded the success the company is seeking. If the new candidate feels as though they are being hired only to repeat what others have failed at, using the same methods and practices, this great candidate will flee.
Remember that You Don’t Have to Hire the Top Talent
Some R&D departments find success with long-term employees, others find success by hiring freelancers, but these aren’t the only two options when it comes to finding the best and most innovative minds in the world. There’s a third proven option that does bring in even more success than the first two combined: open innovation.
Open innovation allows businesses to open their innovation challenges to solvers anywhere, with less risk, less cost and in less time. At InnoCentive, our Challenge Driven Innovation platform features more than 400,000 global solvers, presenting you with the brightest minds from all over the world that work in a pay-for-success model...if they solve your problem. Only then are they paid a fixed award and you get the IP you are looking for. InnoCentive has done this nearly 2,400 times with a 75%+ success rate. Is your company performing at this level of success? If not, call us!
Why hire one bright mind when you can open your innovation challenges to 400,000? Contact InnoCentive to discover how we can make open innovation work for your organization.