Cant Afford To Wait for 2021 Start Your Innovation Program

Waiting until 2021 to start an innovation program could cost your company in many ways. Technology disruptors are affecting every industry, and the rate of change is faster than ever before due to digital technologies. Building a culture of innovation is essential for making your company a disruptor instead of being disrupted. An innovation program should be comprehensive, built on a set timeline, goal-oriented strategy, and have a process to develop ideas. The program should also address the needs of employees to keep them engaged with the company. Disengaged employees can cost a company over $5 million per year through diminished productivity, absenteeism, turnover, and onboarding costs. When crafting strategy for an innovation program, management must try to address these needs to ensure that employees interact with the program meaningfully.