In every industry, the leading companies are the innovators. However the cadre of innovators keeps changing. Some of them are able to achieve that stage by extensive innovation and market presence for years.
Meanwhile, today‘s innovators such as WalMart (chain of retail shops), South west Airlines (good service for low fare), eBay (online auctions), and the University of Phoenix (degree programs for working adults) are themselves relative new comers. Such high turnover at the top suggests that the real problem is not with the lack of innovation.
Companies may seize upon a good idea that gives them an advantage for a while, but sooner or later, they cede this advantage to a competitor who has found an even better idea. As Nicholas Stein (2000) correctly mentioned, ‗Innovation is at the heart of sustaining a company‘s competitive advantage‖. This holds very true as long as any company wants to stay on top of their competitors and win the innovation game.
People Engagement Innovative Ideas
People engagement in the creative and innovative management practices and talent management is an important part of successful strategic moves in an organization. This improvement process can be evaluated in the following ways.
Develop clear job descriptions so you know the skills, abilities, and experience needed from a new employee. Select appropriate employees who have superior potential and fit your organization’s culture, with an appropriate selection process. Negotiate requirements and accomplishment-based performance standards, outcomes, and measures within a performance development planning system. Provide effective employee on boarding and ongoing training and development opportunities that reflect both the employee’s and the organization’s needs.
Provide on-going coaching, mentoring, and feedback so the employee feels valued and important. Conduct quarterly performance development planning discussions that focus on the employee’s interests for career development. Design effective compensation and recognition systems that reward people for their contributions. Even if all of the rest of your employment processes are employee-oriented, people still work for money. Employers of choice aim to pay above market for talented employees. Provide promotional and career development opportunities for employees within a system that includes career paths, succession planning, and on-the-job training opportunities.
To sum up;
When the focus at work is on providing a great service to the customer (maximizing) the perceived value of the service is higher for the customer, and they are willing to pay premium price which translates into more profit for the company. It’s all about providing a service that will be appreciated, sought out and embraced by the market or creating a service that is valuable to the market. It’s about listening to customers, creating new ideas, innovating, and taking calculated risks based on expertise and understanding of business. It’s not easy. Creating has never been easy. Success is not guaranteed. In fact, the higher the risk the higher the potential payoff and profits. Diversification is a high risk business decision because both service and market are new. However, risky investments could bring unique fruits if it is done in a customer – centered way.
