In early January, Condé Nast chief Chuck Townsend offered a $10,000 prize to the employee who came up with the best idea to help the business. Now, Hearst Corp. is putting out a similar call to its rank and file to help out in tough times.
Employees got the news today that they were invited to pitch a new business idea for funding, plus “professional recognition and financial rewards.”
It’s part of Hearst Innovation, a new internal program that’s designed to spark new ideas and communication. At a new site called HearstInnovation.com, people can submit their pitches or share their knowledge or interests.
“Hearst has a history of investing in new ideas and innovative ways of doing business,” said Frank A. Bennack, Jr., vice chairman and CEO, Hearst Corp. “This important program creates a pathway for us to discover, develop and reward great new business ideas from the best source available—our own employees—while supporting a company culture of creativity and collaboration.”
Is it just a coincidence that Hearst Magazines’ new president, David Carey, came from the aforementioned Condé Nast? A Hearst rep said the initiative was Bennack Jr.’s idea and is for the entire company, not just the magazine division.