Striking the right balance between decentralized functions and centralized control starts with addressing the needs of business units.
Over the past decade, companies have struggled with organizational designs that vary widely in how centralized or decentralized they are across functions. (…) Against this backdrop, McKinsey believes companies need a new approach to set up functions that maximize business value and successfully serve business units. This approach is based on three core beliefs. Keep reading the original post of McKinsey here.
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In this episode of the Inside the Strategy Room podcast, McKinsey Insights explores how digital analytics is revolutionizing strategy. Nicholas Northcote, who for years led McKinsey’s research on strategic decision making, is joined by Sagie Davidovich, the cofounder and CEO of SparkBeyond, a McKinsey partner company that operates an AI-driven analytics platform, and Sasha Vesuvala, who leads much of McKinsey’s work in applying advanced analytics to strategy and growth-related questions. To read this edited transcript of the discussion follow this link.
Many companies want to establish a culture of innovation, one that encourages flexibility, creativity and supports risk-taking. The benefit? breakthrough products, a superior customer experience and a nimble response to market challenges.
what is happening in organisations today, and what can HR do – specifically
the L&D (learning and development) function – in not only
supporting, but also driving, a culture of innovation? The
2019 US L&D Report highlights some of the latest trends that
companies are already applying.
The aim of a HR/L&D
team is to adjust to continuous organizational changes without compromising
either the speed or quality of talent development strategies. An overly-planned
L&D program is less likely to adapt with any changes in business strategy,
so don’t be afraid to stray from your schedule and remain flexible when
business needs a shift. This also means that for innovation to occur, your
program needs to tailor itself to the individualized present (and future) need
Create a safe space for risks and ideas
when employees feel free to take risks without repercussions. Focusing on
employees’ individual strengths has been key to creating a culture of
innovation. Focusing on strengths creates trust; it creates a safe space to try
something and possibly fail, have a conversation about it, and move forward.
For many organizations, innovation is a byproduct of their culture that
prioritizes relationship-building and trust between employees and managers over
learning hard skills.
engaged and committed leaders who can encourage this culture is key. It comes
as no surprise that leadership and management skills are in high demand at organizations that are leading the innovation
creating an environment where risks can happen without repercussion,
encouraging idea-sharing between colleagues on all levels of the organization
will also propel innovation. The takeaway? Create programs that allow employees
to cultivate their individual strengths while building relationships with
others on the team. Where there’s support, there’s innovation – and trust needs
to exist between team members for innovation to flourish.
Experiment (and then recalibrate)
Innovation comes from
risk-taking. But since there are so many effective mediums and methods to deliver
learning in 2019, it’s important to think outside the box and beyond
traditional learning – and to never be afraid of recalibrating based on results.
It’s vital to carry out evaluations and continuously monitor feedback in order
to produce and develop the most innovation-driving programs.
recalibration are at the heart of world-leading innovation initiatives. Through
surveys, focus groups, or other evaluations, it’s crucial to determine which
programs work, which can be optimized, and which should be scrapped. Even more
critical, however, is that you cultivate a working environment where employees
can question current processes without repercussion. In a space where there’s
mutual trust, reflection can grow into innovation.
Connect L&D and innovation
You could plan great L&D initiatives and hope that it sparks innovation company-wide, or you could be even more proactive. Planning programming around the concept of innovation might include a speaker series with innovators in your industry, a course on design thinking, or hack-a-thons where employees get to take a step back from their daily duties and focus on what could be improved at the company.
Written and Contributed by findcourses.co.uk // EMG – Education Media Group