3ms Competitive Business Strategy Is Based On Innovation 3m Requires

3M’s competitive business strategy is based on innovation. 3M requires that at least 25 percent of its annual sales come from products introduced over the previous five years, a goal it often exceeds. Specific HR programs adopted to implement this strategy include the creation of a special fund that allows employees to start new projects or follow up on ideas.
3M’s “release time” program, in which workers are given time off during the day to pursue their own interests, is given credit for the creation of new products that management would not have thought of by itself. In addition, 3M’s appraisal process encourages risk taking.
A senior manager at 3M says, “If you are threatened with dismissal after working on a project that fails, you will never try again.” What other types of HR policies might 3M institute to spur product innovation?

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