In order for a company to succeed in today’s world, they must constantly thrive to be innovative by making things faster, better, and cheaper than their competition. Michael Quinn Kaiser is a successful risk management consultant in California who strives to continually improve not only himself but the company that he works for. In order for companies to be successful, they need to approach change and innovation proactively and effectively.
To do this, they need to tackle the following:
Creating a Culture of Innovation
Policies that encourage innovation need to be implemented by the organization. Many companies do little in the way supporting the sharing of ideas with their compensation, focus on productivity, and management structures. Senior management needs to develop policies while empowering their staff to implement them.
Rewarding Change and Innovation
Staff needs to be provided with incentives to make innovation a priority. There isn’t any good reason for employees to suggest and try new ideas if there is no reward for doing so. The first step in creating an organization where innovation is a priority is by including changes in the goals of the employees, the compensation plan, and performance management process.
When organizations have identified a new idea, they need to support that idea with a budget, resources, and attention. Many times, employees must try to implement the new idea while still completing their current job responsibilities. It is important for goals to be quantified, by asking if the new program will increase revenue, or reduce expenses and improve employee productivity.
Not every innovation that is implemented with be successful. Every innovative idea contains many variables, both known and unknown, that could prevent it from becoming successful. Even those ideas that don’t succeed, result in new knowledge being gained, lessons being learned, and limitations being understood. It is important for companies to accept that, although many new ideas may fail, they still need to reward the teams that worked hard to implement the new ideas.
Developing a Playbook
Once the company has implemented a number of successful innovations and failures, guidelines and processes must be developed. You want to be sure to outline how the procedure works, how to identify and choose opportunities, and how to implement them.
Implementing change and innovation in an organization is important for their success. Michael Quinn Kaiser is a risk management consultant and change agent that is able to accelerate operational improvement and formulate winning strategies for the companies he works with.
Recommended read: Michael Quinn Kaiser: Top Leadership Skills in Business