• Create incentives that embrace failure and maximize learning. The example we use for this deals with a drink developed by Diageo: Smirnoff Ice, a mixture of alcohol and pop. It was the eleventh version of a sweet alcoholic drink that they had tried. Many organizations that try to innovate fail a few times and give up; they didn’t.
• Protect clever employees from “organizational rain.” Don’t harass them if they’re two weeks late handling their performance appraisals. Don’t expose them to politics. Talk to them straight, and don’t deceive them.
• Now, here’s something that is in contradiction with much of the old business literature: give them real-world challenges, with constraints. Don’t build ivory towers.
• Create a galaxy of stars, don’t just recruit one star. You create a great team by having a lot of great players who say, “I want to play for the Lakers, because they are really good.”
• Use expertise, rather than hierarchy. Provide boundaries, but don’t create bureaucracy.  Explain and persuade, but don’t tell them what to do. If you have a great [engineer or architect] and your task is to come up with the new swimming pool for the Beijing Olympics, that’s enough of a challenge. Don’t worry; they’ll apply their creativity and come up with something brilliant — like the Beijing “Water Cube.”

There is little doubt that "clever" employees, much like smart students, do require special consideration when designing roles and responsibilities, so that they do not become bored and frustrated (personal note - I can attest to this - as a "smart" student in elementary school, I found far too many ways to get in trouble when I was bored by the slow pace of classwork). These tips provide good suggestions on how to do this without giving the appearance that such employees are put on a pedestal or gaining special treatment. The goal is to set an environment where their energies are channeled to meet company objectives in a way that works for their style (which, on deeper thought, is not much different than your goal in defining roles for any employee).