Transforming Business poll shows that talent is a driver, and a product, of innovation

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  • Talent recruitment was cited as a top priority for innovation investment among companies polled for the Transforming Business series.
  • Companies are assimilating new approaches to talent in the pandemic.
  • Focus on social injustice and racial inequity have driven new commitments to DEI.
  • Visit Insider’s Transforming Business homepage for more stories.

Innovation depends on talent, and also attracts it. Business decision-makers polled by Insider report that talent is a top investment priority, and also that a major benefit of digital transformation is recruiting top talent.

Digital transformation has also made the talent picture in companies more complex. AI and other applications change the nature of some roles, and creates uncertainty in individuals unsure about how automation might impact them.

A new sense of urgency around DEI is also redefining priorities for many companies.

Culture of innovation

To drive transformation, business leaders have to source and keep the right talent, and to create a culture of innovation. The global pandemic changed, possibly for good, the way companies viewed remote work, and potential hires who might not be local. Chris Greenough, chief marketing officer at Everise, a Singapore-based company, said in an Insider interview that the pandemic had given the company access to a new range of talent.

“As work shifted to at-home, we were able to attract a different kind of worker,” he said. “We gained access to people who wanted a lifestyle change that didn’t involve office politics; older people who wanted a secondary income; people who wanted flexible hours; and disabled people who couldn’t commute and had previously been marginalized.”

A greater desier for flexibility has also driven hiring policy. “Talent, and in particular innovators, wants to shape their work environment around their life; offering a compelling place to work sometimes requires new strategies and added flexibility to respond to the needs of our employees,” said Karin Raguin, VP of talent management and corporate responsibility at LVMH. “This is what creates a genuine sense of safety and belonging where innovation and creativity can flourish.”

Raguin also says transformational talent needs to feel they can try new things without fearing dire consequences for failure. “Trial, testing, and sometimes failure are all key to developing innovative ideas,” she said, “so it must be clear to employees that they should aim for excellence, rather than perfection.”

Automation and upskilling

The global pandemic has increased the pace of automation, which creates uncertainty for some workers who might not see their skills translating to this new future. James Smith, UK managing director of AutoStore, a robotics company whose CEO, Karl Johan Lier was featured as a Transformer, told Insider that companies have a huge opportunity to upskill more traditional workers to keep the jobs, and maintain their company culture.

“Whether we like it or not, demand for businesses to be able to operate on multiple channels and platforms is increasing dramatically, and traditional ways of working and fulfilling demand can no longer keep up with this growth,” he said, adding that upskilling is central to this. “You can either follow the inevitable growth and evolution of technology or you risk becoming redundant as a business and as a professional.”

Increased urgency around DEI

The global focus on social justice and racial inequity has sparked a sense of increased urgency and focus around DEI practices and leadership. Kara Helander is the chief inclusion and diversity officer at the Carlyle Group, and one of this year’s Transformers, told Insider that the focus on these issues right now presents companies with an opportunity to drive meaningful change.

One of the initiatives rolled out by the Carlyle Group focuses on hwlping employees mitigage unconscous bias. “It’s not so much where you start, but are you taking concerted, tangible action to make change around it? That applies to us and it applies to the companies in our portfolio,” Helander said. “You don’t want people to not take action because they aren’t where they should be.”

With global vaccinations increasing, companies are beginning to look ahead and figure out their new normal, and ensure they have the right talent to drive growth in a changed world. “In the year ahead,” Ranguin said. “Whether businesses recover will be dependent on their talent and that talent’s ability to navigate uncertainty and drive innovation needed to rise beyond incremental challenges.”

This SurveyMonkey Audience poll targeted individuals who work in a management capacity at their company according to the Audience panel. They included respondents from Hong Kong (n=50), Singapore (n=50), The United States (n=207), Canada (n=104), France (n=52), the United Kingdom (n=51), Germany (n=50) and India (n=50), with local translations in Germany and France. Respondents are incentivized to complete surveys through charitable contributions. Generally speaking, digital polling tends to skew toward people with access to the internet. SurveyMonkey Audience doesn’t try to weight its sample based on race or income. Polling data collected total of 614 respondents March 3-4, 2021.

Read the original article on Business Insider