Lloyds TSB accomplishes the idea of innovation stockmarket with internal artificial currency Bank Beanz.The project intends to broaden the range of innovative and creative ideas with further promotion on internal stock market where staff can use their Beanz to buy into ideas they like.
According to James Gardner, head of innovation at Lloyds TSB, new online community will accelerate pipeline of interesting things enabling everyone to be an innovator. The program will collect, select and rate the ideas. Bank staff participating in the project will be paid in Beanz.
Gardner believes the bank has had to put in controls to counter hyper inflation of the Bank bean, but conversely is encouraging insider trading since it makes people want to be on the inside so they can
speculate successfully.Realization of the idea requires in-depth work with the team.
Believers in the idea can get in low, and sell high. They can make windfall gains in Bank Beanz, and use them for rewards in our Innovation Store,” says James Gardner. “Yes, we back the Bank Bean with cold, hard, cash. It is an exceptional motivator. The price of the idea approximates the chance it has of going into production.”
L.D.