By Roy Notowitz
On my short 3.5 mile drive to work the other day, I saw almost a dozen Toyota Prius hybrids! Aside from feeling like a gas guzzler in my 21MPG wagon, I thought that it was a really interesting sign of the times. I hate to label, but I was thinking that the Prius Hybrid may become a new “character symbol” for reformed BMW driving yuppies.
Part of my job at Generator Group is to stay ahead of client needs from a human capital perspective. As a result of my astute (ok “simple” is more accurate) observations, I started thinking about how break through innovation will be required to meet consumer demand for energy saving technology, cleaner energy sources, and greener products. A lot of people are buying the Prius today because Toyota invested heavily to create the breakthrough innovations in the mid 1990's. As further evidence of this trend, we have definitely seen our clients making larger investments in building their product innovation capabilities.
For companies that are already known for innovation, the shift into high gear will be fairly easy. For other companies that have not ever been in a product leadership position, the transition will be a much harder one to make. The bottom line is that creating more of the same products will not excite customers, build brand equity, or maintain brand loyalty.
What are some other reasons for innovation?
• To improve productivity
• To improve customer service
• To increase employee and customer retention
• To gain market share
• To save money
• To meet the expectations of a demanding market
It is becoming clear that now (more than ever before) is the time for companies to invest in getting the best and the brightest scientists, researchers, developers, and designers.
What are the current challenges in hiring top innovators?
• The “best of the best” in innovation and product development are always sought after and well retained by the companies that benefit from their expertise.
• While there are a lot of jobseekers, the job market generally floods from the bottom up. This means that while there may be "diamonds in the rough", there is also a greater potential for making a hiring mistake. Losing a year of progress and the costs associated with a mishire would be astronomical.
• Innovation initiatives typically require a very specific technical skill set as well as strategic leadership competencies to drive product vision.
How can Generator Group help?
If nothing else, getting these hires right the first time will be critical to success. Relying on a firm (like Generator Group) with established relationships and a thorough selection process can help to ensure that these critical hires have the competencies needed to make the innovation leap.
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