CEOs Look to Innovation for Future Success

February 10, 2011

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PwC chartAccording to PricewaterhouseCoopers' recently released 14th Annual Global CEO Survey, confidence is back. In fact, PwC Chairman Dennis M. Nally said in his foreword, “chief executives were nearly as confident of growth this coming year as they've ever been in our survey.”

But, because North America and Europe still face “lingering effects of the downturn,” many corporations are turning their attention to new markets in new economies.

To get them there, they need to innovate. And they plan to. “CEOs are placing a higher premium on innovation today,” the report said. “Since 2007, business leaders have consistently reported that their single best opportunity for growth lay in better penetration of their existing markets. Now they're just as likely to focus on the innovation needed for new products and services. It's high on the agenda in virtually all industries, including industrial sectors such as metals, chemicals and manufacturing.”

And, 79 percent of respondents said innovation will drive efficiencies and lead to competitive advantage.

For help innovating, more and more CEOs are looking to their customers for input. They're also looking to their talent to drive innovation and change throughout their organizations. However, they are concerned about whether their employees have the skills necessary for growth.

“Given that 84 percent of CEOs have changed strategies in the past two years, companies' talent needs are changing too,” the report said. “So talent is now at the top of the CEO agenda for 2011, across all regions.”

It's clear from this report that corporations need better innovation training for their employees. All employees have the potential to be innovative, but they often need to be taught techniques for reaching their potential.

At FH Innovation, we offer proprietary assessments and training to help organizations take thinking to the next level. Our tools can help employees improve their creative thinking and team collaboration. And we offer techniques for aligning employees around delivering new strategies, encouraging risk taking and rewarding innovative thinking.

As Ivan Blagodyr, general director of JSC RAO Energy Systems of East, said in the report, “we need to readjust our thinking, become more innovative, and it's very important not just to have proper qualifications and experience but a proper mindset as well.”

Innovation training can support just that.

Kathie

Does your organization agree that new products and services are leading the way into the future? How are you preparing your talent to support that focus?