Competition in Different Sectors in the Global Economy

Creating a Culture of Innovation
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Creating a Culture of Innovation
The increasing competition across the different sectors of the global economy necessitates the adoption of effective interventional measures towards enhancing an organization’s competitiveness within its area or field of operation. The incorporation of advanced technology, coupled with the emerging effects of globalization, further impresses the need for business organizations to embrace effective strategies for sustainable growth and development. It is essential, for instance, for organizations to keep up to date with the emerging technologies and other innovations to remain competitive in the diverse markets within the global economy. The achievement of such an outcome is dependent on the ability of an organization to develop a culture that supports the adoption of new and advanced ways of doing things or carrying out the daily operations within the organization. Provided herein are some underlying factors to consider when creating a culture for innovation within a business organization or company.
One of the factors to consider in creating a culture for innovation for the company is the recruitment of employees or workers with the required competencies for promoting the company’s innovative cultural orientation. Such employees' competencies include the creativity and innovative abilities among the company’s workers (Euchner, 2017). A culture of innovation within a company demands that workers showcase their creativity and innovative abilities in the development of advanced ways of carrying out the company’s daily operational activities. The workers’ creative and innovative abilities function to enhance the company’s competitive edge by ensuring that the company remains updated on the emerging trends and innovations in the market. Workers should also be self-driven and have high self-esteem or confidence in their abilities. High self-esteem allows individuals to be confident in themselves and their abilities to develop new ideas and technologies that are equally competitive in the market and thus promoting the company’s sustainable growth and development endeavors (Euchner, 2017). Workers who are self-driven develop a higher sense of belonging towards the company and thus making it easier to instill the culture of innovation for sustainable growth and development. Workers for creating a culture of innovation should also be risk-takers and therefore going on to develop new technologies or ways of improving the operational activities by overcoming the uncertainties of partaking in such actions.
The leadership of the company also plays a significant role in creating a culture of innovation for the company. Incorporating the innovative culture across the different departments of the company and inst...