If you are introducing cost-cutting in your innovation agenda, your ultimate drive is to create a cost culture that sustains itself over time and is not forgotten three months after being announced by the leadership.
Step 4: Overcoming fears over cost-cutting within your innovation agenda
Typically, cost-cutting is an expression that frightens employees. It often suggests salary reductions, job cuts and increased individual workload. When introduced in your innovation agenda, you should thus ensure that both real needs and strategy are understood across the organisation, consistently framing any cost-cutting goals.
Step 3: Invest more in a bottom-up approach for your innovation agenda
When developing your innovation agenda, bear in mind that employees deal daily with inefficiencies in your company, having often diverse and powerful ideas related to organisational processes and products. The following are real examples of this.
For step 2 in cost-cutting within your innovation agenda, you will need this
A cost-cutting initiative within your innovation agenda needs to be run as a strategic initiative with the same board sponsorship, direction and accountability as any other critical initiative. It is important to ensure central governance, senior management agreement and employees’ engagement.
What are the good and the bad costs in your innovation agenda?
When introducing a cost-cutting strategy in your innovation agenda, you should first have a clear view of your company’s strategy and map out good and bad costs for programme intervention, at macro and micro levels. Both macro- and micro-level-oriented strategies have value and they often make more sense combined.
How to introduce a cost-cutting strategy in your innovation initiative: Step 1
To introduce a cost-cutting strategy in your innovation management initiative and ensure that your business remains relevant and able to maximise its potential under less favourable circumstances, five major steps should be taken.
How to map costs for your innovation path to growth
In our economic environment, connecting innovation and strategic cost-cutting becomes relevant for all companies, both incumbent and challengers.
Why leaders with a clear vision connect innovation and strategic cost-cutting
A successful cost-cutting strategy is connected to an organisation’s capacity to evolve, to innovate, and to do it as whole. Companies can, in fact, keep innovating in ways that do not require high investments in new products’ research and development, and which can save substantial amounts of time and money.
Millennials and innovation in the workplace
In 2016, Deloitte collected the points of view of nearly 7,700 Millennials representing 29 countries around the globe. All participants had been born after 1982, had obtained a college or university degree, were employed full-time, and predominantly worked in large (100+ employees) private-sector organisations.
Loyalty is no longer enough to both employers and the workforce
How does the fourth industrial revolution, blurring the real and technological worlds, affect companies and the way they do business? How do companies manage their corporate culture to increase employee engagement? What tools and methods are used to keep employees motivated and engaged?