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Innovation and Talent Management

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Commitment to Innovation helps retain your top performers, attract new talent, and develop future business leaders.

Yes it is true, innovation is a powerful tool to help retain and attract the best talent. This has become a huge issue in fast growing economies such as India, Brazil, and China. Kalpana Kochar, Chief Economist of World Bank, recently said South Asia alone needs a million new jobs per month to keep up with economic growth (The Hindu, September 24, 2011). India alone created 800,000 jobs per month between 2000 and 2010; an incredible growth rate compared to “developed countries”. This is good news and bad news. In such a climate, companies experience very high flight-risk; employees are more likely to depart for better opportunities. The IT industry in India has an average attrition rate of 30%.

How do you differentiate in this market? One strategy is to create an environment of innovation and innovators. By instituting an innovation culture, organizations can learn to jump the ‘S-curves” faster – the only sustainable strategy for growth in today’s globalized world. 

HR can have a greater impact on the business and be a valued contributor to the senior leadership team by facilitating a culture of innovation.  The benefits include the following: 

  1. Improve employee engagement and retention, resulting in less hiring and re-training cost
  2. Develop leaders of new businesses lines by grooming top performers and build your leadership bench
  3. Strengthen the company image as an innovator, attracting high quality talent
  4. Ensure the company’s future by avoiding being outmaneuvered by more nimble competitors 

How are you helping to create an innovation culture at your company?

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