Innovation in the Middle MarketTomorrow’s leaders embrace innovation
The dominance of companies such as Netflix and Amazon are clear reminders of the speed and power with which innovative entrants can unseat incumbents and undercut established business models. Interestingly enough, as disruption permeates the middle market, corporate leaders are feeling increasingly comfortable navigating an unpredictable, sometimes chaotic business environment.
- Staying a Step Ahead of Disruption
- Recruiting and Retaining Talent
Creating the path to innovation
Executives see innovation as a prerequisite for success. According to a Capital One survey, most leaders are fostering a culture that promotes innovation by encouraging brainstorm sessions and implementing new technologies.
There is no one true path to innovation. Larger companies stood out for using acquisitions to gain innovative capabilities, while smaller companies turned to outside help for guidance on innovation, either hiring external implementation vendors (36%) or external strategy consultants (25%).
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Watch: How 3 mid-sized companies succeeded at innovation
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Building the workforce of the future
Middle-market companies are seeking performers who can add innovation. About a fifth of middle-market executives (22%) reported that their companies would be focusing on adding to their research and development staff during the next 12 months, while 18% intend to bolster their strategy teams.
However, recruiting those top performers may not be easy or cheap. More than 20% of the executives polled said that their biggest recruitment challenge was meeting the salary requirements for qualified applicants. In addition, managers find it difficult to identify qualified applicants because the available talent pool is too small (15%). They also face competition from larger counterparts (17%) capable of offering higher compensations.
Executives feel the adverse effects of the skills gap are adopting new tools and strategies to attract and retain skilled workers.
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The war for talent is growing fierce—find and retain top performers with these tools.>Watch videos