The paper 'Innovation as a Key Strategy in Assisting Organizational Survival and Prosperity" is a great example of business coursework. Globalization is viewed as the creation of new relationships and structures which result in actions and business decisions that have ripple effects; consequences in other areas. The consequences are further worsened by the changing technological environment. The changes result in the adoption of creative and innovative strategies that address vital issues with regard to organization growth, excellence and survival. To keep up with globalization and market changes organizations are required to upgrade their existing systems, technologies and products.
The facilitation of innovation entails the creation of a relevant climate and culture that ensures that employee skills are fostered while ensuring the provision of incentives and the removal of obstacles. In a nutshell, innovative organizations are those which ensure that their technological and human resources are managed appropriately. It comprises recruitment, effective manpower planning, realistic performance plans, performance guidance, mechanisms that incorporate pride in final work, mentoring mechanisms, high level of organizational commitment and realistic performance plans. However, the global economy is a volatile environment in which businesses are required to perform.
The economy may be susceptible to difficulties such as recession, inflation, credit crunch among others. Recession is the state of an economy’ s decline which is manifested by a decline in the GDP (Gross Domestic Profit), employment and trade which lasts from six months to a year. The credit crunch is a severe lack of credit or money. An example of a major global difficulty would be the global financial crisis of 2007 whose effects are still being felt to date.
The crisis is thought to have originated from the Sub-prime mortgage business where US banks gave out high-risk loans to people with poor credit history which was further propelled by a fall in house prices. Innovation, survival and prosperity It is thought that in order for organizations to survive they are required to be continuously innovative especially in this day and time of global economic difficulties. It is suggested that manufacturing industries should lay emphasis on their research and development initiatives so as to ensure that they have cutting edge technologies to facilitate their survival and prosperity.
Initiatives with regard to technology development are necessary for the facilitation of industrial growth, sustained competitiveness and strategic self-reliance with regard to an enterprise. It, therefore, follows that they should be aligned to the prevailing market opportunities, strategic direction and customer needs which ultimately result in the improvement of technology and product portfolio. Special attention should also be paid to employees since they are the most vital resource in an organization and as such their empowerment should be advocated for. Employee empowerment is effected through good leadership and motivation. Innovation may be defined as the introduction of novel ideas in processes and products.
Innovators and innovation have more often than not attracted attention. Companies like 3M, Google, Southwest Airlines, Intel and Apple have been innovation champions and have been renowned for their innovative practices. The studies of the aforementioned companies have shown mix contextual, personal and organizational factors. It is thought that innovation is mostly centered on employees and leaders. This is due to the global economy factor in which case companies do not depend entirely depend on capital, natural resources and technology.
It has been deduced that what differentiates between an excellent firm and an efficient firm is the nature of its workforce and its ability to have things done in a superlative way. The trend in which focus is shifted from the product to the workforce has also been seen to be prevalent. In the bid to keep up with the trend in which employees are acclaimed; companies are offering employees exciting roles, good working environment, attractive benefits, careful selection procedures, competitive salaries and exciting roles.
The aforementioned strategies appreciate the superiority of the workforce and as such consistently innovate and give off the best to their respective organizations; competitive advantage. The measurement of work engagement has been enlisted as a technique in the measurement of workforce superiority. Work engagement is a phenomenon in which an individual is charged with energy and as such is fully dedicated to his or her work. It is parallel to the feeling of burnout (loss of idealism, the feeling of fatigue and the loss of job passion).
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