5 WAYS TO Foster Innovation at Work

As a company becomes large, it tends to get bureaucratic and local power structures emerge that stifle innovation. Bureaucracy is aimed at curbing wastage, which becomes essential as a company scales up. So how does one discourage wastage while fostering innovation? Varuni Khosla finds out.

1 Create a Culture of Excellence

Innovation can occur only when each vertical, department and individual are clear about the standards of the organisation.The company should expect only the best standards and goals must be quantifiable and be communicated clearly to individuals. Once people know that mediocrity is unacceptable in the organisation, they will find new ways and means of doing things more effectively, says Aditi Balbir, managing director and founder of V Resorts.

2 Be Tolerant of Failure

There is a fine line between innovating and being wasteful.One needs to foster tolerance for failure, or else people will be afraid to experiment. Companies need to discourage wastage but be tolerant if a new idea or experiment fails.

3 Don’t Make too Many Rules

Companies need to inculcate values in their employees, not give them a set of rules to adhere to. “Managers need to develop in their workers a particular sensibility and value judgement capability so that they can make decisions on their own, while adhering to the overall value system of the organisation,“ adds Balbir.

4 Develop Employees

CEOs suggest companies give employees the freedom to do things their way. This will enable new innovative approaches towards problem solving, says Amit Mittal, founding partner and CEO, Simpli5d Technologies.

5 Involve More Teams

Involve everyone from sales, marketing, product and user experience design teams to participate in the innovation ideation sessions as it is not an engineering-only effort. Participation from all the departments yields better results as they bring different perspectives to the table, with greater focus on customer value. Brainstorming sessions bring a lot of energy and creativity to the table and help us build on each other’s ideas, explains Ankit Bansal, founder, Mykindofjob.com.

Source: Economic Times

Date: 16th October 2015

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