Global economic challenges that have had a profound affect on businesses will continue to do so indefinitely. This means that businesses must not only innovate in order to survive, but they will need to innovate in new ways to meet the changing needs, expectations and financial situations of their customers.
A recent article in the journal Academy of Management Perspectives provides insight into senior leadership traits that are necessary to inspire the people in a business and support a creativity and growth-oriented culture, key ingredients for expanding a firm's innovation capabilities.
The ability to deliver new value requires systemic evolution in business strategy, culture, organizational design, and customer awareness. Employees can and will deliver new customer value, but the way they are paid and directed must change first and then the results will follow.
