This study examines the evaluation of innovation in a wider competency framework and within a 360‐degree rating procedure among managerial‐level job holders. The total sample of 2,979 individuals consisted of 296 target employees and their 318 bosses, 1208 peers, 828 direct reports, and 329 others who provided ratings on a competency framework. The results showed significant differences in innovation‐related competence ratings between different raters. Self-ratings were significantly lower compared to the overall observer ratings and were correlated only with peer ratings. Different patterns of results were found for the lower and upper quartiles based on self-ratings. For instance, no correlations were observed between self-ratings and the ratings of any observers in the group of best self-rated individuals. Implications for practice and future research in assessment and evaluation of innovation are discussed in conclusion.