The two main elements needed to develop and maintain a firm’s innovative capacity are described as follows.
People – Innovation requires acquiring new knowledge, creating processes and finally introducing something new and different to the market. Along this journey, highly skilled, motivated and creative people are an essential factor. Consequently, firms should on the one hand, invest effort in attracting the right employee and on the other, learn how to retain them. For a firm to develop a high innovation capacity, all its employees need to be fully engaged and working at their maximum potential.
Leadership – Employees must obtain the challenges they are looking for. This can only be achieved through flawless higher management conduct that inspires trust among management and employees. Neil Anderson and Michael West point out the basic steps to help leaders develop work group innovation capabilities within their firms. In this sense, leaders ought to:
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