Celebrating 25 Years of Scoop
Special: Up To 25% Off Scoop Pro Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Innovate To Dominate: The Power Of Global Talent

Innovation is more than a buzzword. It’s the life force of any forward-thinking organisation and the catalyst that propels businesses towards success. But what does it entail, and how can your company harness its transformative power?

To disrupt the industry and set new standards, you need to assemble a team of top minds who can spot and seize opportunities at lightning speed. Innovation comes from the best people, and if you don’t have the right team in place, you’ll stagnate. By recruiting top-tier talent from anywhere in the world, you can tap into a richly skilled candidate pool who will help you pioneer solutions to complex problems, redefine business models and deliver cutting-edge products and services. Innovation is a strategic mindset that enables companies to outpace their competitors, adapt to shifting market dynamics and generate fresh avenues for growth.

The innovation imperative

Despite its pivotal role in driving growth, innovation remains a struggle for many organisations. A staggering 96% of companies acknowledge the importance of continuous innovation for their success, but surprisingly, a mere 4% have established a formal process for it.

In the relentless march of technological progress, companies that fail to adapt and innovate risk being left in the dust. A good example is the downfall of Kodak. Once a titan in the world of photography, Kodak hesitated to abandon film and fully embrace digital technology. By the time Kodak acknowledged the significance of digital photography, it was too late. The company found itself outpaced by competitors who had already seized the opportunities presented by the digital revolution. After a prolonged struggle, Kodak was forced to file for bankruptcy in January 2023.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

To foster a culture of innovation, companies should seek out and nurture talent who are original thinkers and disruptors, regardless of their geographical location. These individuals, with their diverse perspectives, can drive the company towards new frontiers and ensure its relevance in an ever-evolving marketplace.

In today’s competitive landscape, 84% of consumers place high importance on a company’s ability to innovate, demonstrating the critical role it plays in attracting and retaining customers. Netflix is a prime example of a company with staying power, continuously innovating its business model to increase market share and profitability. Originally a DVD rental service, Netflix boldly transitioned to a streaming model, significantly expanding its customer base and revenue. The company's decision to produce original content further set it apart from competitors, solidifying Netflix’s position as the world’s largest streaming service, with over 220 million subscribers globally. By Q1 2023, it claimed 44.2% of the market, capturing nearly half of the global TV audience.

Global talent delivers impressive results

TikTok, a social media colossus, strategically recruits professionals who are well-versed in local cultures and market dynamics, with a footprint spanning Los Angeles to Tokyo and beyond. This global talent pool is the driving force behind their reinvented content creation and consumption. TikTok’s algorithm, which uses artificial intelligence to learn users’ preferences and tailor content accordingly, has been hailed as a breakthrough technology and a first-of-its-kind in its sector.

Diverse companies like TikTok are 70% more likely to capture new markets and boost sales revenue. In fact, workforce variation is a key factor for more than three in four job seekers when deciding to accept a job offer. By bringing together workers from around the world, not only can you access and attract more talent, but your teams can also drive the development of cutting-edge ideas, potentially granting you a first-to-market advantage and larger user base—the kind of leg up that can bring in 20% higher annual revenue than the competition. TikTok, with over 1.5 billion active users across 150 markets and 75 languages, stands as a testament to this strategy.

Embrace diversity

In the face of a 145% increase in global hiring in 2022, the question is not whether to go global, but how to do it effectively. A diverse workforce is no longer a nice-to-have, but a must-have. Though there are legal, regulatory and cultural complexities to overcome when hiring abroad, it’s worth it; diversity brings together a variety of perspectives, backgrounds and skill sets, which spark creativity, prevent groupthink and enable companies to better understand and respond to individual customer needs. In fact, companies with a workforce ranging in gender, ethnicity, cultural fluency and international experience are 45% more likely to gain market share.

But diversity is not just about ticking boxes. It’s about creating a culture of inclusion, where everyone feels valued and heard. Nurturing an environment that encourages the unrestricted flow of unique ideas propels innovation to new heights. Additionally, diverse teams are 87% better at making decisions, and are proven to generate new ideas and innovative solutions faster through brainstorming sessions and exchanges of differing perspectives on problems or projects.

Pharmaceutical giant Eli Lilly understands this well. It revamped its approach to DE&I to identify what helps and what hinders women and other minorities from advancing in their careers. As part of that programme, it launched a racial justice initiative in 2020 targeting itself as well as the communities it serves. One result has been expanding racial and ethnic representation in new drug trials, leading to the development of pharmaceuticals that meet the medical needs of communities better.

Professional teams that share a background such as socioeconomic class, ethnicity or life experiences with their customers are 150% more likely to understand their needs, increasing the potential for new business. For example, Walmart, one of the most diverse companies in the United States, has leveraged the diversity of its workforce to help shape its product offerings, introducing ethnic food departments and lines of multicultural hair and beauty products to expand its customer base and grow revenues. Encouraging members of different departments to come together can help your team break out of their silos and be inspired by new ideas.

How innovation can drive ROI

By recruiting diverse talent, companies not only embrace a wealth of backgrounds and perspectives but also unlock a substantial financial advantage. Those with above-average diversity levels record 19% higher innovation derived from revenues when compared to their counterparts with below-average diversity. This financial boost can mean the difference between turning a profit or not, and also aligns with the goal of maximising return on investment (ROI), proving that diversity is not just a matter of social responsibility but a strategic business imperative.

In fact, 77% of talent leaders emphasise that their talent acquisition strategies are primarily geared towards total value creation for the company, emphasising the importance of fostering diversity and recognising its pivotal role beyond mere cost-saving measures.

© Scoop Media

Advertisement - scroll to continue reading
Business Headlines | Sci-Tech Headlines


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.