Document Type

Article

Publication Date

Fall 2016

Publication Title

WorldatWork Journal

Volume

25

Issue

4

Pages

29-35

Abstract

CEOs recognize that continuous innovation is absolutely essential for company survival (e.g., Craren 2010; Mitchell, Ray, and van Ark 2015; Pawlenty 2014). McMullen and Lash (2014) found that the “best companies for leadership” are more likely to reward innovation and collaboration than are other companies. Thus, the trend toward expanding the responsibility for innovation beyond the research and development (R&D) department to employees throughout the organization is not surprising (Baumann and Stieglitz 2013). There are two distinct forms of innovation. The first focuses on developing products and services that allow companies to charge a premium for their products and services and compete in new markets. Second, innovation allows companies to improve quality and drive costs down through process improvement. Although most business leaders agree that continuous innovation is absolutely essential, this is easier said than done. This is especially true when one is trying to create an environment where all employees are in a position to create innovation — not just senior management or those involved in research and development (R&D).

Comments

Author Posting. © WorldatWork 2016. This article is posted here by permission of WorldatWork for personal use, not for redistribution. The article was published in the WorldatWork Journal, vol. 25, no. 4, 2016, https://www.worldatwork.org/resources/

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