What is Workplace Innovation and Why is it Important?

We hear the term innovation everywhere. And it is true! Over the years, innovation has become a buzzword and is still one of the most prominent topics, irrespective of industry. For many of us, Workplace Innovation means the next billion-dollar idea or the out-of-the-blue one that will change your business forever. However, there is so much more to innovation than this.

This article discusses the meaning of innovation, its importance, and ways your business can embrace it.

💡What is Workplace Innovation?

To understand why innovation is so crucial to the workplace, we need to first understand what innovation is and what it’s not. Unlike what many of us think, innovation does not solely represent new devices, methods or the next million-dollar idea. It refers to the process of conceptualising new products or ideas and approaching current products, techniques and ideas in new ways. In simple words, innovation is anything that provides value to the customer or the company.

💡Why Is Innovation Important for Businesses?

1. It helps your business stay relevant

It is simple: If you are not doing it, someone else is. Staying relevant is crucial in a time where trends change every day. Staying relevant can seldom be done without innovation. If you and your business are not thinking of ways to improve and grow, you will soon be outdone by your competitors. It may sound harsh, but it is true. Innovation is not a one-person job. It affects every facet of your organisation, like sales, marketing, customer service and finance. Therefore, the onus of thinking of better ways to operate rests on everyone’s shoulders equally.

2. It helps attract and retain talent

Yes, innovation helps you be successful with clients. But it doesn’t stop there. A culture of innovation helps attract prospective employees and retains the employees who already work with you. Employees, especially millennials, are motivated by opportunities to be creative. If your company culture is stagnant, they might feel as though their creativity is being squelched. 

Innovative and forward-thinking workplaces also attract top talent. In an age where a business’s greatest asset is its people, it is essential to stay ahead of trends, know what companies in your field are doing and pay attention to the creative needs of your employees.

3. It helps your company grow

A survey conducted by The Boston Consulting Group in 2015 showed that 79% of surveyed executives named innovation among their top 3 business initiatives. This shows how much businesses all around the world recognise the positive impact of innovation. Company growth can be achieved in a few different ways. The first way is merging or acquiring another business. This approach is faster but also substantially expensive. The second one is a slower path, but just as effective – Innovation. This method involves rethinking your product, process or business model and perfect them. 

💡How Can Businesses Embrace Innovation?

Like we mentioned above, workplace innovation is not an activity that can be achieved by individuals working alone. It is a group activity, continuous and definitely a teachable skill. In order to get that edge to penetrate markets faster, business leaders must be able to include innovation in their business models. One way to do this is by working on exciting and challenging new projects as a team. Doing so will expose you and your employees to the skills needed to drive innovation. In addition, you can also take the help of consulting agencies that help your business achieve success through innovation.

At Codex, we believe that employees truly are a fountain of ideas. Here are six unique ways to train your muscle of innovation, no matter what your job title is.