The current understanding in modern business is thus: innovate, or risk being knocked down the economic ladder by a company “hungrier” and more forward-thinking than you are.
So, what can companies do to foster innovation in their specific industries?
The answer is deceptively simple: cultivate a work environment where staff feel satisfied and engaged. A highly engaged staff means higher retention, which in turn means greater productivity and satisfied clients.
The importance of human capital cannot be underestimated. With over 80% of a company’s total value lying in intangible assets such as people, it only makes sense that a major limiting factor in company growth is the availability of skilled workers. Guy Whitcroft calls on CEO’s to take note and start playing a more active role in talent recruitment.
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