Deloitte Survey Highlights Importance of Innovation for Employee Retention
Employers looking to retain their best staff members may want to move 'innovation' up their list of priorities for 2013.
According to the results of the Deloitte Touche Tohmatsu Limited Millennial Survey, 78 per cent of future business leaders consider innovation to be essential for business success.
That said, only 26 per cent of respondents believe that current leaders are doing enough to improve innovation within their organisations.
Nearly 5,000 people from 18 different countries participated in the survey. The findings were published in January 2013.
Deloitte Global chief executive Barry Salzberg believes that there will be changes as a new generation of leaders emerge.
"A generational shift is taking place in business as baby boomers, many of whom may have been wedded to the 'old way' of doing business, begin to step down from their leadership roles to retire," Mr Salzberg said.
"Real opportunity exists for organisations to step up and create the conditions and commitment needed to encourage and foster innovation in their work environments.
"And there's a tremendous upside if we get this right: we can better retain talent, remain more competitive into the future, and more positively impact society."
So what can organisations do to foster innovation? The survey respondents had some ideas.
Just under 40 per cent suggested encouraging creativity by offering rewards for good ideas, while 34 per cent believed employers should give their staff some 'free time' to innovate.
Additionally, 32 per cent identified 'the freedom to challenge' and 'openness' as being important to innovation.