Top 5 Most Important Factors Fostering Innovation; ExecuNet Finds Executives with Proven Innovation Skills Command Pay Premium in Today's Market
According to new ExecuNet study on innovation in the workplace, executives with proven innovative skills are in high demand. The survey also revealed a strong company culture trumps the CEO's risk tolerance and commitment to innovation.
http://www.ExecuNet.com — July 23, 2012 — Nearly half (49%) of the executive recruiters surveyed by ExecuNet revealed that executives with proven innovation skills were hard to find, compared to other skills, and 31 percent said companies were willing to pay a premium for innovative talent – even in today's job market.
"With product lifecycles declining rapidly, increased global competition and pressure from changing customer needs, executives who have demonstrated they can challenge business assumptions and find the areas of opportunities in current business models are in demand," says Mark Anderson, President of ExecuNet. "We counsel executives every day that they have to do more than claim they were 'innovative' on their résumés. They need to show a quantifiable history of innovating and its impact on their previous organizations," adds Anderson.
To negotiate top pay for top innovation skills, executive recruiters revealed that 32 percent of hiring managers "want concrete examples of innovation by the candidate in previous positions."
In ExecuNet's survey of 188 executive recruiters, corporate culture was the driving factor in fostering innovation, more so than the CEO's risk tolerance or any executive's individual efforts.
Top 5 Most Important Factors Fostering Innovation, according to Executive Recruiters
Culture/environment in which one operates (39%)
CEO's willingness to take calculated risks and invest in innovation (21%)
Inherent traits of a person or business leader (19%)
Quality and quantity of other innovative thinkers in an organization (12%)
Role in which one serves (5%)
"The moral may be that everyone in the organization can be a partner to innovation and clearly, you 'can't be an island' to effectively drive a company to high levels of innovation," said Anderson.
ExecuNet was at the June 2012 World Innovation Forum in NYC and exclusively reported for delegates on the corporate and management trends in innovation. An executive summary that will help companies become more innovative is available on request.
About ExecuNet Since 1988, ExecuNet has helped business leaders shape positive change to achieve what's next in their individual lives. From its beginnings as a small gathering of executives in Connecticut, ExecuNet has evolved into a private network of over 250,000 senior-level executive members with a belief in the transformative potential of trusted insight, real connections and personal introductions to help them find meaningful new work, advance in their careers, better manage the growth of their businesses, and become high-value leaders. A recognized authority in executive employment, retention and recruitment, as well as human capital trends, ExecuNet keeps its members informed about what's important to them in business and their careers.
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