Create an innovation

Organizations are also finding that an innovative workspace that includes access to the right technologies improves candidate attraction and hiring, which can be imperative as financial institutions increasingly look to compete with the likes of Google and Amazon for top talent.

Offer a prize. Dell eliminated the computer store, Amazon eliminated the bookstore, the Sony Walkman eliminated speakers and record functions.

In one example, Tucker and Edmonson found that nurses lost an average of 33 minutes per shift to unnecessary work due to preventable failures. Run a contest.

creating an innovation culture mckinsey

Yet this resistance can be overcome. If we asked you to envision a creative person, you might imagine an artist with paint-spackled clothing, or a designer launching a revolutionary new product, or even a child, painstakingly fitting Legos together to create a flying car.

Watch the competition. As we mentioned in our previous article, the insights for this series are taken from a course in our executive doctoral program in values-driven leadership.

The second type of metric measures the process. It creates long lag times and institutional churn that slow innovation down to the point of irrelevance, and it demotivates innovators by putting road blocks in their way.

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6 Ways Leaders Can Build a Culture of Innovation