BOSTON (Reuters) - The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (www.hbr.org). Any opinions expressed are not endorsed by Reuters.
"For the past 30 years, the MacArthur Foundation has awarded 'genius grants' to creative achievers to support their pursuit of new ideas.
With virtually no restrictions put on the money and no obligations required of the recipient, the awards are a vote of confidence in what the recipient is capable of achieving given the luxury of time.
Next time you want a talented employee to pursue a new idea, give out a 'genius grant' of your own. It doesn't need to be money; you can give slack time so that your star has the breathing room she needs to explore her idea.
Giving these 'awards' not only will result in useful new ideas, but will signal to your people that creativity is valued and you're willing to invest time and resources in cultivating it."
- Today's management tip was adapted from "Award Your Own Genius Grants" by Julia Kirby.