In meetings with executives, my team and I will frequently be asked for evidence as to why innovation is important – not because the person we are meeting with doesn’t know why, but because they need data to convince others on their team. The obvious reason and data as to why you would want to innovate is to grow (and to avoid becoming irrelevant). But a lesser mentioned reason is because innovative companies have more engaged staff. Staff engagement leads to all sorts of great outcomes from better retention (which obviously has dollar savings attached to it given you will spend far less on recruitment and training) through to higher productivity.
When we analysed the differences in employee engagement between the top 10 most innovative companies (as ranked in the Australian Financial Review’s Most Innovative Companies list), compared with those right at the bottom, engagement was around 10 percentage points higher at the most innovative companies. I spoke about some of these benefits, along with some of the perks of working for Australia’s Most Innovative Companies to Weekend Sunrise. You can check that out here.