Source | www.hifives.in |
Studies have shown that nearly 35% of the revenues generated by businesses are from products and services that were developed within the last 5 years. If organizations were to have to generate new business ideas, they need to promote creativity and innovation at the workplace. Creating a culture of innovation through employee recognition is one of the best ways for organizations to build a workforce that constantly churns out new ideas, products and services.
Having a culture of innovation provides the right environment for encouraging such activities at the workplace. The absence of the right culture can discourage employees from investing their time and energy in exploring new ideas and eventually hinder business success.
Here is how organizations can build a culture of innovation:
1. Empower Employees and Create an Innovation Funnel
Organizations need to enable employees to come up with new ideas, champion and support them to make these into viable business propositions.
Companies like Pixar and Tesla allow employees to come up with new ideas, provide them feedback on a regular basis and take the best ones to the next level.