Does your organisation have a culture where innovation thrives? Your team leaders can start taking steps by encouraging employees to think outside the box and challenge the status quo – the time is now.

Building a culture of innovation requires hard work. It is both plentiful and precise. According to Insurance Business Australia, Samuel Hunter from the University of Oklahoma, ran a large-scale meta-analysis to understand which variables had the biggest impact on innovation culture.

Let’s zoom into three of the top-ranking variables:

1.Find the right level of challenge

It’s important to match the level of challenge to an individual’s skill level, so that the outcome will be optimal. As a manager, you would want to carefully allocate tasks and projects that are matching to your employees’ capabilities and skills. Ensure that these are being met, so your employees can feel a significant sense of challenge.

2. Encourage risk-taking

While most people would have thought failure is generally negative, being able to acknowledge and learn from failure is such an important part of building a culture where risk-taking and innovation can thrive. As a leader, consider reframing risk-taking in a positive way, such as talking about how risks can provide your employees with the opportunity to learn.

3. Support from the top

Being a leader or manager means you need to ensure that you see your role as actually innovating, as opposed to just delegating work to other people. Embrace your employees who are reporting to you when something is done correctly. After all, your employees cannot thrive if you do not support them and give them the chance to excel. Research has shown that, that’s the key differentiator between leaders in innovative versus non-innovative companies.

Do you have any other interesting ideas on how we can create a culture where innovation thrives? We would love to hear from you.

P: 1800 809 132

*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.

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Born in 1984 as a general insurance brokerage, we can provide bespoke insurance advice to anyone in the general public within Australia. Our clients are primarily decision-makers in small, medium, and large businesses from various industries, including transport, earthmoving, and professional advisors.