Yoram Solomon, Form Habits that Build Trust
Management Consulting - Plano, Texas, United States
Yoram Solomon, Form Habits that Build Trust Employees
Yoram Solomon
Trust and Trustworthiness Researcher, Speaker, Author, Podcast Host
Yoram Solomon, Form Habits that Build Trust Details
The profitability of companies has less to do with the amount spent on R&D and more with the level of company-wide innovation. Innovative companies enjoy higher profits when they introduce new products and services, before competition occurs, experience higher market share, and sustain consistent high profits over time because they continue to deliver new products and services ahead of their competitors. Research showed that market shares of innovators were 3 times higher, sales were 6 times higher, and EBIT Margins were 10% better than average companies. During recession, these margins could be 50% better than average. Over time, the profitability of innovative companies was 35% to 80% better than non-innovative companies. Our starting point is that all employees are capable of high degrees of creativity, and that the organization restricts that creativity due its culture. Hiring more creative people or acquiring companies with innovative products or services is not as effective as increasing the level of creativity with the existing employees to their potential. The process includes the creation of creativity-supportive environment, individual creativity training, team and team leader processes, and finally effective implementation mechanism to turn creative ideas into innovative products, services, and processes.
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