CEOs demanding “Innovation” from their direct reports without specifically providing bonuses for delivering it, is as pointless as a chocolate fireguard.
Having spent the last three months talking non-stop to executives about innovation, I have got to the end of my patience. Let’s be clear – without specific innovation targets being attached to executive bonuses the chances of an organisation miraculously delivering new growth are non-existent.
The word ‘innovation’ has been echoed again and again by organisations across the globe as if by merely repeating the incantation it will increase revenue and promote growth. No results occur and yet we continue to beat the hollow drum and chant the slogan ‘innovation’ without any real substance, commitment or direction. Corporate UK has lost the plot.
The secret to success in realising innovation is simple. In order to transform ideas into business value, innovation requires investment in intellectual effort and resource, an appetite for change, and a top-level steer through remit and reward to put the pedal to the metal. Without this commitment and prioritisation and a framework for execution, employees will take their bright ideas home with them.
Most crucially, innovation demands endorsement and accountability at a senior level through clear targets and incentives; a driving force to translate thought into action and put the rubber to the road.
Rant over – for now
