UK companies failing to capitalise on innovation
beckett frith | hr magazine | 12 April 2017
Frazer Bennett, PA’s Chief Innovation Officer is quoted in an article in HR Magazine, which examines our latest report on the innovation practices of global business leaders.
Drawing on the PA research, the article states that successful innovators were more open to accepting novel ideas and rewarding staff for innovation. It notes that the research “found that only 28% thought their firms were innovating successfully, despite two thirds (66%) citing innovation as crucial to survival”.
It goes on to quote additional findings from our research, noting that “of those based in the UK, two fifths (40%) said that they reject disruptive ideas for fear of failure, and only 39% of executives were confident their business has defined the skills it needs to be innovative”.
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It also looks at what the successful innovators are doing and says that they “were more likely to reward employees for innovation (81% versus 69%).”
Frazer is quoted as saying that he hopes companies can learn from the successful innovators. He says: “We’ve found that innovation leaders design innovation into the heart of their business, use agile techniques right across their business, and are quicker to kill off ‘zombie’ projects. They have strong external networks and foster a culture that learns from innovation failures, as well as recognising success. We’re optimistic that organisations can address the innovation conundrum and get better at employing innovative practices. This will help companies all around the world set themselves up for future health.”
He concludes that: “As we face the uncertainties of a post-Brexit world it is frustrating to see many companies not yet taking advantage of the opportunities that offer potential for growth. The good news is that there are clearly identifiable steps for success; a set of tried and tested behaviours that are consistently displayed by those organisations who do succeed at innovation.”