Moving past the pandemic, we are now in the “Era of Hyper-Innovation.” A recent study by Citrix Systems finds that investments in new technology and flexible work over the virus outbreak stoked the flames of a blazingly hot “$678 billion boost in revenue across industries around the world” that still have a lot of room for “continued growth.”
Tim Minahan, Citrix executive vice president of business strategy, said about the results of the study, “If the pandemic has proven anything, it’s that innovation can happen anywhere.” It was understandable that corporate leadership would be leery during the dark days of the last 18 months. Minahan said, “While skeptical at first, business leaders now recognize the benefits that hybrid work can deliver.” Leadership is now “moving quickly to embrace the model, along with tools and processes that empower employees to create and innovate, wherever they happen to be.”
Turbo-Charging Innovation
It used to be that CEOs believed we all had to be under the same roof to be successful. The mass global experiment of remote work at scale proved beyond doubt that a distributed workplace works. The stock market hit record highs, so did real estate prices. Instead of being dour, forward-looking optimistic people invested in cryptocurrencies, NFTs and meme stocks, all thinking that their holdings would increase in value, as the future looks bright.
We’ve seen a remarkable surge in new companies being created. This ranges from solopreneurs to unicorn startups, Fintechs, SPACs, investments in biotech, as healthcare is on the forefront, and retail to compete with the likes of Amazon that stole the show during the pandemic.
Almost 90% of business leaders who participated in the “Era of Hyper-Innovation” survey say that the rollout and adoption of new, pandemic-inspired work tools has vastly improved the way individuals and teams interact. Roughly 80% expect their organization to enter a hyper-innovation over the next 12 months and generate more ideas than ever before as a result.
Rethinking Collaboration
As the vast majority of white-collar professionals worked from home, there was a need to figure out how to keep everyone connected. This led to innovation. New software platforms were developed and older models reinvigorated for the new world we found ourselves in. Although most of us haven’t seen our bosses or colleagues face to face for nearly two years, we probably saw more of them than ever before on Zoom, Webex, Microsoft Teams or other online video platforms.
About 93% of those polled believe that increased digital collaboration has led to more diverse voices from across the organization being heard and a greater range of ideas being surfaced. Around 80% of respondents say they’ve come up with more creative ideas during the pandemic, as they have had more free time to think, without having to commute three hours back and forth to an office, and suffering through all of the daily disruptions of office life.
Fueling Growth
In the pre-pandemic era, businesses relied heavily upon new customer acquisition, expansion into new markets and additional marketing activity to drive growth. The survey showed that has changed. Respondents to the survey attribute almost 50% of their recent growth to innovation.
This includes the following:
- Adoption of new technology: 16%
- New products and/or services: 14%
- New ways of working: 14%
- New client/customer acquisition: 12%
- Expansion/entry into new markets: 12%
- Additional marketing activity: 11%
- New partnerships: 10%
- Mergers and acquisitions: 4%
We are looking at a bright, tech-enabled future of work. Almost 90% of business leaders say that the recent rollout and adoption of new work tech tools has vastly improved company collaboration, and 80% expect their organization to enter a hyper-innovation phase due to tech-powered hybrid working, generating more ideas than ever before.
Listening To Workers
The mindset of leadership has shifted. Instead of top-down edicts, they are asking their team what they need to succeed. In a war-for-talent and ‘Great Resignation’ era, smart leaders recognize that they must treat their employees with respect, dignity and empathy. If they don’t, the best and brightest will soon leave to competitors.
It’s also mission critical for businesses to focus on what will enable employees to perform at their best. They need to find out the best ways for them to collaborate and engage with each other. As some people may elect to return to an office, work a hybrid schedule with two or three days in an office setting and the rest remotely and a large percentage only wanting remote work, accommodations are needed.
Technology and trained managers are needed to keep everyone connected and continuing to fuel innovation and business growth, bringing supercharged creativity, productivity and employee engagement.
Here are some other highlights of the study:
- Despite the pressures of the pandemic, almost half of companies (49%) have increased investment in innovation compared to the pre-pandemic period, and just one in five has decreased investment (21%). The remainder have maintained levels of investment.
- Innovation drives growth. Over the last financial year, innovation factors—adoption of new tech, new products and services, and new ways of working—have been driving company growth. Business leaders believe that the adoption of new technology has been the most impactful growth factor, accounting for an average of 16% of turnover growth.
- Almost nine in 10 leaders are confident that their organization has the technological infrastructure to enable flexible working and the rapid change of working practices (89%), and a leadership team that is very supportive of innovation and encourages employees to take creative approaches to problems (87%).
- Over three-quarters of business leaders (76%) believe they give their employees a high level of autonomy over the tasks they prioritize and how they complete them. This is especially encouraging, as autonomy is one of the most important aspects of company culture for Millennial and Gen-Z employees (cited as significant by 83%).
- Ninety percent of companies that experienced revenue growth in the last financial year have a leadership team that is supportive of innovation, whereas 84% of companies that experienced a decline in revenue have an innovation-supportive leadership team.
Important Takeaways
Coming out of the crisis, the knowledge economy will emerge better than before and fine-tuned for the future. Tech-enhanced hybrid working is an acknowledged acceptable work style. Moreover, offering workers freedom and autonomy maximizes innovation and creativity. Online connectivity brings people together when they want, as opposed to inopportune interruptions. We learned more about our co-workers seeing them working from their bedrooms, kitchen table and seeing their kids, cats and dogs photobomb the videos, creating an endearing camaraderie.
Commuting long distances, sitting in traffic and ruining the environment with car and bus fumes will be a relic of the past. The pandemic has proven that in-person collaboration is no longer essential for successful idea generation. Business leaders have spent less time commuting or traveling and more time thinking. A greater range of voices has been heard and companies have put renewed emphasis and effort on employee experience.
Business leaders have high hopes over the next 12 months. The new paradigm will be built upon. We’ll see creativity flourishing in the workplace, which now includes digital nomads, remote workers and flexibility, which afford people the choice of working where, how and when they want.
There is a lot to look forward to. Novel work styles, in-person and distrubed collaboration, new technologies and employee empowerment will make the work-lives of people better. With remote work, companies can recruit and onboard diversity candidates from across the country and around the world. New voices will add value.
Hyper-innovative companies will deploy cool technologies, improving business and enhancing the experience of a distributed workforce. These types of organizations are more likely to hire people who think creatively and come up with unusual ideas than those who are dedicated rule followers, and they are better equipped to swiftly adapt ways of working and processes.
The crisis has not just changed ways of working; it has also radically altered employees’ mindsets. Employees have been more empowered than ever before and are likely to leave an organization that is not providing what they need.
Business leaders may be feeling positive, but the threat of the “big quit” looms large. The study has demonstrated that innovation efforts have significant commercial impact. The companies that empower their employees to do their best work, supported by the right technology and work models, will be well-placed to succeed in the future.
Source: Forbes
