How can board members drive creative strategies?

How can board members drive creative strategies? The answer is multiple ways. Like many board responsibilities, driving creative strategies is a duty, not an option. “Innovation is the ability to see change as an opportunity — not as a threat". -Steve Jobs For directors, fostering innovation becomes a critical responsibility that can steer organisations towards sustainable growth and competitiveness. To be effective, directors must understand the nuances of innovation and create an environment where creativity is welcomed. How can board members drive creativity? Follow these tips: Embrace the innovation mindset Innovation begins at the top. As a director, it's essential to internalise an innovation mindset and lead by example. This is difficult because half of your job is to consider risk and prepare contingency plans. It’s hard to balance that with encouraging experimentation and accepting failure as an essential learning component. But it’s essential. This culture of curiosity and boldness is crucial in fostering innovation. You need to adopt it so others will follow. Acquire and retain talent Talent investment begins with targeting individuals who can bring innovative ideas to the organisation. People with varied experiences, perspectives, and skill sets contribute to a more innovative, dynamic workplace, enabling the organisation to devise unique solutions to complex problems. At the same time, it's important to retain these innovative thinkers by creating an environment that values their contributions and supports their growth. As a director, you need to cover both. Pay proper attention to recruitment and focus on retention techniques - such as rewards, incentives and encouraging risk-taking. Maintain learning and skill-building Once you attract innovative thinkers, the next step is to provide them with ongoing learning and skill-building opportunities. Directors can lead in setting up systems for continuous learning, as this not only enhances employees' skills but also keeps them engaged and motivated. Offer opportunities for training in emerging tech or work practices. Provide learning resources. Keep up regular encouragement for employees to expand their knowledge. All the above all ways that board directors can foster an atmosphere of continuous learning. Encourage collaborative ecosystems Innovation is not an isolated process, in fact, isolated innovation is just progress in a silo. True innovation flourishes in a collaborative ecosystem. Directors should, therefore, foster partnerships with external entities like startups, research institutions, or even competitors. Such collaborative ventures can lead to cross-pollination of ideas, opening up new avenues for innovation. Measure and reward innovation What gets measured gets managed, and what gets rewarded gets repeated. Directors need to ensure that the organisation has mechanisms in place to measure and reward innovation. This could involve defining key performance indicators that reflect innovative efforts or creating incentive structures that reward creative problem-solving and risk-taking. Invest in your skills and knowledge today The Corporate Governance Institute offers you the unique opportunity to acquire the essential skills and knowledge that can help you lead your organisation successfully amidst rapid changes. Our specially designed courses in environmental, social, and governance (ESG) and corporate governance equip you with the insights and understanding to make strategic decisions that align with emerging global trends. Invest in your learning journey with the Corporate Governance Institute today.

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Diploma in Corporate Governance

Certified Corporate Governance Professional

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Certified ESG Professional

ESG Strategy and Governance

Company Secretary

Overview of Corporate Governance

AI Governance

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How can board members drive creative strategies?

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