Innovating Your #1 Asset: Talent

July 21, 2022
Business Strategy

How to Encourage Innovation & Retain Top Talent

We know that talent in the workforce is a company’s number #1 asset but how do we innovate talent within the organization? Encouraging innovation keeps employees happy and engaged and helps with employee retention rates. Innovation gives you a competitive advantage in the market by investing time and effort into the company which will also give you an advantage over your competitors.

To innovate talent within your company we suggest starting with creating a talent strategy to achieve the goals that you have set for the business. Think about if the policies and best practices you have outlined for the company promote innovation. Below are a few things you can do to promote innovation:

First, we suggest taking a deeper look into your company culture. Do you value collaboration, continued learning, empowerment, autonomy, diversity and inclusion? If so, you are off to a great start on innovating talent! If not, we suggest collaboration being a suitable place to start. Are people working together to achieve the overall goal and mission of the organization? If not, then think does my team know what our goals are? Do we have a clearly defined mission outlined? Being transparent in communication is another thing that tends to build a strong collaborative culture and allow the talent within your team to bring in different perspectives and ideas to the table.

Another thing that promotes innovation is by creating a space for employees to grow and reach their maximum potential. Give your team the autonomy to contribute to the long-term growth of the organization. You can do this by establishing an environment that encourages and empowers ideas on long-term strategy. Include employees in strategic planning meetings and let them understand the one-year, five-year and ten-year plans.

Recognize and reward ideas and accomplishments. This could be as simple as a high-five in a meeting or a post on social media, but rewarding employees for bringing in a fresh new set of ideas and perspectives goes a long way. It keeps employees feeling empowered and driven to be a part of the overall growth strategy.

It is important to remember that innovation is about people. Embrace innovation throughout every aspect of the corporate culture. If you embody an atmosphere that offers the best and brightest ideas, then you will continue to retain and attract top talent and will be known as a company that is constantly growing and evolving.

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