Eureka, Eureka!

What is innovation? For many of us, the definition of innovation is the introduction of new technology and developments such as the internet, mobile phones, software, etc. Innovation does mean all of that but innovation also goes beyond technology, it is a collaboration of leaders from various fields who contribute towards the execution of new ideas and strategies. Research shows that these leaders believe that innovation is a significant tool for the company's success in a long run and for competitive advantage.

IBM completed a survey of global HR leaders in 2011. The results showed an agreement among Human Resource leaders that driving creativity and innovation is their number one business challenge, yet only 50% of these HR executives indicated that they are doing anything about it.

Similarly, while a majority of 70 percent said HR plays a significant or somewhat significant role in fostering innovation at their organizations, 71 percent said they don't use any screening tools designed to bring in creative and innovative candidates. Additionally, 53 percent don't tie performance-management systems to driving innovation and 53 percent don't even have a formalized suggestion system in place.

"Rising urbanization coupled with the addition of younger population as part of your future consumer growth has led to increase in the necessity of cultivating a unique brand personality. Innovation plays an important role in devising that brand personality. It influences productivity and well-being of all components in the organization. At any workplace, innovation plays a significant role in keeping the organization one step ahead and maintaining the best talent pool in the industry. Innovation strides companies towards sustainable & inclusive growth with impactful profits. Therefore, it has become important for organization both small and large to adopt policies which foster creativity and promote innovation at workplaces." Says Dr Ashok Mohanty – Head - Human Resources and Talent Management, Tata Housing.

Jyotika Rao, Executive Director Leadership Hiring, ABC? Consultants believes "Most companies have a tendency to operate in their comfort zone. For established businesses it's all about operational convenience and working in set structures that have led to their success. On the other hand, in case of startups they often tend to be overwhelmed by their fast growth and start looking for set structures and operational efficiencies over a dynamic and innovative approach. It is however advisable in both the cases that the companies should be sure of their competitive advantage without underestimating the competition and its ability to adapt faster to a changing environment."

What are organizations doing to ensure an innovation led culture? Dedeepya Ajith John, Associate Director – Knowledge & Advisory, SHRM India shares some research on the subject "Companies today are conducting various games, events to crowdsource ideas, as well providing cash prizes, recognition to good innovative ideas. Companies such as Google, Infosys and Facebook are famous for their overnight hack-a-thons where employees are encouraged to try something new instead of their regular work. Such kind of initiatives provide a platform for employees to meet and engage with like-minded talented employees. Creative workstations which inculcate an innovative atmosphere, are being done, such as sleep pods, workstations, recreational activities, open offices, etc., to fuel innovation. Some companies as Mondelez India Foods, created "thought diverse team" to discuss on key business issues and encourages their diversity of thought to think innovatively to solve these. Yes Bank and many others have inculcated innovation as a part of their DNA, and thus making it easy to focus on innovation. 3M, Google and few others have given the freedom to employees to set aside 20% of worktime to innovate and be creative. Organizations today are trying to ensure a diverse team composition, so that it fosters ideation, and diverse thought."

Finally, we would say be open to partnership. Sometimes, it is good to join forces with bigger companies. It is a fact that startups are very good when it comes to being in sync with the latest skills because of their 'Out of box thinking' and innovative attitude. However, they lack the right tools to promote their ideas. Collaboration will benefit both the parties. It will give freedom to extensive knowledge about some products, ideas/strategies, opens doors to new methods of distribution channels, and will also give access to possible solutions to some difficulties. This will also help in satisfying customers of both the companies – big and small.

INNOVATION TIME

• For established businesses, it’s all about operational convenience and working in set structures that have led to their success
   
• Meanwhile start-ups are often overwhelmed by their fast growth and start looking for set structures over an innovative approach

The author is manager - Human Resources, SILA