What do Montgomery Ward, TWA and Worldcom all have in common? These corporations, giants in their industries, all went bust during difficult economic times. Corporate culture in today’s society must foster innovation and master the art of change to avoid extinction.
Flexibility, spontaneity, and unpredictability are the new trends in business today. As corporate leaders, you must learn to cope with these trends and create a corporate culture that thrives on change. Here are a few tips to help:
- Corporate Alignment. If you want to successfully implement corporate alignment, you must first understand the difference between innovation and strategy. Strategy is clear, concise and can maximize the largest amount of variables within a given plan; it is important for operational success. Innovation on the other hand, is a new path to an old idea, or the initiation of a new service. To align your corporate, innovative and business strategies you need to understand what the need is for innovation and how it should be aligned to your strategic goals and direction. Second, recognize the challenges of incorporating innovation. Practicing innovation is about the possibilities; strategy is about the direction you take to get there. Communicate, be willing to be flexible and allow for adaptation and you will successfully align your corporate culture; making your corporate, innovative and business strategies the most competitive in the market.
- Do You Promote Innovation?
If you’re not sure how to answer this, then let’s start by defining “innovation.” Innovation is a new idea applied to initiating or improving a product, process, or service. To promote innovation within your corporation, you need to introduce changes that allow for a creative and innovative climate. Be a leader of new ideas, promoting ideas from all levels, and develop your corporation as a “learning corporation.” These types of changes will help you foster an environment for innovation. Individuals who take an active approach in fostering new ideas build support, overcome resistance, and ensure that the ideas are implemented. A “learning corporation” is one that has developed the continuous capacity to adapt and change. This allows your corporation to be open to new ways of thinking, and have a shared vision that everyone agrees on.
- Practice What You Preach.
If you want innovative leaders and a corporate culture that promotes growth and the sharing of new ideas, then you need to be the example. Employees are more willing to adapt to change when it’s embraced by management. Managers who lead the way in innovation have the ability to influence a group toward the achievement of a vision or set of goals. First, know your identity as a corporation – your vision and core values, be transparent with your vision, take accountability as a leader among your corporation, and allow trust and fellowship to grow at all levels of your corporation. Winston Churchill said it best “Courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen.”
If you want to take that first step in creating corporate culture, PrideStaff Financial can help! Our highly skilled accounting and financial recruiters will help you find the best innovative leaders for your corporation. Contact your local PrideStaff Financial office and find your leaders of tomorrow!