A naukri.com initiative
Hrexecutive
4d
77
The HR opportunity in building an internal innovation team
- Large organizations, except for tech giants, struggle with breakthrough innovations and are better at incremental improvements.
- Building an internal innovation team can be a challenging but rewarding strategy for organizations seeking breakthroughs.
- CHROs have a strategic opportunity to guide leadership in forming internal innovation teams for organizational growth.
- Key considerations include managing risk aversion and aligning management approaches with those of start-ups.
- Recruiting and managing internal innovation teams can be difficult due to cultural disconnects within large organizations.
- Creating a successful internal innovation team involves focusing on talent, culture, and a hands-on approach.
- Steps include building a dedicated team, developing the right skills, balancing risks and rewards, and offering recognition.
- Encouraging support from other business units, defining clear milestones, and tying budgets to them are crucial for success.
- Success stories like Nestlé's Nespresso and Collins Aerospace exemplify the benefits of internal innovation teams.
- Creating an internal innovation team is just the beginning; long-term success requires strategic management of innovations.
Read Full Article
4 Likes
For uninterrupted reading, download the app