It's not enough for a company to have a great business idea, with the talent and performance strategies in place to deliver on that idea.
Innovation is the ‘new normal' in business, says global management consulting specialist Hay Group.
The companies which have managed to effectively capture the huge business opportunities are those which have successfully innovated. Not just in new products and services for customers, but also in the way they treat and motivate employees, groom leaders and conduct business.
In its seventh annual survey (and rankings) of the best companies for leadership, both globally and in Asia, the Hay group has identified just one Indian company in the top 10 Asia rankings: the Tata Group.
In fact, the Hay Group's top 10 has just a handful of Asian giants — Toyota, Samsung and Sony, along with the Tata Group, making the cut. This year, General Electric topped the global list, followed by Procter & Gamble, IBM, Microsoft and Coca-Cola.
In Asia, Samsung Group, Toyota Motors and Unilever led the ranking (See Table).
According to Hay Group's study, the Best Companies for Leadership create workplace environments and processes that enable innovation to thrive. In fact, nearly all of the Asia Top 10 companies (90 per cent) reported that their leaders celebrate innovation, compared to just 59 per cent of other companies. “The Best Companies for Leadership recognise that innovation is key to their future growth and sustainability in a competitive global market,” said Mr Mohinish Sinha, Leadership & Talent practice leader, Hay Group ASEAN, India, and Pacific & Africa and co-author of the BCL Asia report.