Industry Insights

Why Invest in Innovation Training?

Posted by April Giarla on May 22, 2017 2:43:58 PM

Some maintain doubts that the ROI from these types of learning and development programs is hard to measure. What’s more, the belief remains that people tend to be creatures of habit, and revert to their old ways of doing things after a certain amount of time.

However, when put into practice effectively, innovation training can drive long lasting change in any organization.

What exactly are the benefits to the organization of training employees on how to be innovative?

Better Bottom Line

Better bottom line .jpg

 

Not surprisingly, for an innovation training program to work, it must create a positive financial impact on the organization. The challenge to doing this is to not merely rely on participant feedback to assess success, but rather through a multitude of approaches that can be generated from trainee ideas and ultimate business goals. Soft skills are important to a certain extent; however, long term visions should focus on generating direct ROI so that leadership buy-in remains intact. When this is done correctly, companies will see a direct correlation with their innovation training programs and an increase in business revenue.

 

An Invested, Engaged WorkforceEngaged Workforce.jpg

 There’s a big difference between a merely happy employee, and one that is entirely invested & engaged with the company’s vision. Innovation training builds engaged employees by allowing the decision-making process and the ability to think creatively to reach the hands of the employee. A workforce that is equipped with this will be more productive and effective in the long run. Additionally, once an employee feels engaged and empowered in an organization, the effect becomes a key force in driving a culture of innovation throughout the company. What’s more, enhancing engagement levels increases employee retention rates, leading to decreased recruitment and retraining costs.

 

Improved Capabilities and Networks

Fotolia_113497041_Subscription_Monthly_M.jpg

 

Innovation training can push participants to build networks and understand the importance of different perspectives. Since innovation rarely happens alone, it is important that individuals gain the ability to connect with and collaborate with others who have different skillsets, viewpoints and backgrounds. This in turn, builds new individual skillsets and helps build an innovative way of thinking on a larger scale. These types of skills can not only foster new innovative ideas, but can help employees excel in their current roles and better prepare them for advancement.

 

A Link with Leadership

Fotolia_145173543_Subscription_Monthly_M.jpg

 

When the leaders actively advocate innovation training in their organization, employees tend to feel a sense of implication and closeness to the top-level ranks. It shows that the leadership team is committed to engaging their employees and improving their skillsets.

What type of innovation training to choose?

It’s important to recognize what goals you are trying to accomplish when choosing an innovation training program: do you want to build creative and innovative capabilities in your teams? Are you looking to break free from certain competitors in your market? Does your organization want to enhance strategic thinking and disruptive innovation and put them in action?

If you can identify with any of the above situations, using our Blue Ocean Strategy simulation might be the right fit for you.

 

 Discover our Blue Ocean Strategy Simulation 

 What is Innovation Training with Blue Ocean Strategy? 

Article Cited: Innovation Management

 

Topics: Innovation

More Insights

CLO Tips: 3 Ways to Measure Learning Impact

We know that most executives clearly see the need to train and...

Learn More

CLO Tips: 3 Ways to Create Engaging Learning Programs

Based on our experience with our clients, we’ve found that one...

Learn More

CLO Tips: 3 Ways to Avoid Scrap Learning

One of a Chief Learning Officer’s (CLO) biggest nightmares is...

Learn More

Podcast Series: Commercial Success in Pharma in 2020

What are the biggest commercial challenges in pharma and how...

Learn More

How to kill the phrase "because we've always done it this way"

You've probably heard this phrase before, most likely in a...

Learn More

Podcast Series: Digital Trends in Pharma in 2020

What are the top trends in digital impacting the pharma...

Learn More

Leave a Comment