The Language of Innovation
Global firms are staking their futures on their ability to innovate, but a new study finds they face big barriers to this in the form of skills shortages and corporate cultures punctuated by a fear of sharing ideas. The study, entitled ‘The innovative company: How multinationals unleash their creative potential’, compiled by the Economist Intelligence Unit and sponsored by EF, also found that:
Two key skills are central to the development of an innovative corporate culture - creativity and international communication.
Worryingly, respondents’ confidence levels drop from 95% when communicating new ideas with colleagues in their own departments to 72% with colleagues in other countries, suggesting a significant barrier to innovation across borders.
Existing idea-sharing processes aren’t working as engagement tails off outside the c-suite, so businesses need to find new ways to harness employees’ creative thinking.
The study, based on a survey of over 400 global organizations, explores the challenges companies face when trying to promote innovation across departmental and national boundaries and how companies can overcome these to develop a corporate culture that nurtures innovation.>