Reinventing the economy through the creation of a new culture of innovation

“The World Economic Forum formed a Global Agenda Council on Values in Decision-Making (of which I am a member) in response to the current economic crisis to realign our collective mindset and develop practical approaches for a more moral economy. It has developed an ambitious agenda to help organizations translate human values into practices and behaviors that strengthen our institutions and positively impact the state of the world. New challenges call for new approaches, and we hope that with this hackathon as the starting point, we can engage the tech and creative communities in an ongoing constructive dialogue on how technology, and especially social technology, can change corporate behavior.

This need for behavior change, for “reinventing business,” is an urgent one, considering the growing number of voices that observe a crisis of capitalism and demand its fundamental transformation” – Tim Leberecht

To reinvent the business is to innovate the management, leadership and the way of being as a whole while organization.

I think the reinvention of business have to impact also on leadership and managers because of the lack of confidence that has taken place in many organizations, in the recent past and that easily translates into lack of hope for a more sustainable and friendly future.

Trust is a fundamental pillar of innovation culture.

Trust is a two-way street and organizations (their managers) with other ways to manage than command and control (position so dearest to some talents that assume the leadership of the business) develop networks of trust facilitating collaboration among all.

When inside an organization there is a network that assumes the role of innovation, all individuals are connected to generate their own ideas, experiences, and engage in knowledge transfer. In this way trust installs itself, the self-knowledge grows and the talent is used in favor of the organization and not in favor of individual positions.

“In an innovation culture, the network is embedded into everyone’s daily work: to stimulate the generation of ideas, the testing of these ideas as limited impact experiments, the sharing of the results of these tests, the scaling of the successful experiments, and the recombination of ideas, experiments and tests with one another to spur the creation of yet more ideas. The individual users are not posting ideas for other people to try out. Instead, they’re sharing ideas that they intend to experiment with themselves or ideas they have experimented with already.”

It is a culture of innovation where it is aligned the need to develop ways to be as the collaboration and the ability (talent) and reponsability of all elements of the organization.

“An enterprise that is constantly exploring new horizons is likely to have a competitive advantage in attracting and retaining talent. When a once successful company runs aground and starts to list, its most talented employees usually don’t stick around to bail water, they jump ship. A dynamic company will have employees who are more engaged, more excited to show up to work every day, and thus more productive.” – Gary Hamel

It doesn’t seem difficult to imagine that a company which, in addition to being judicious in their hires, promotes the development of collaborative work grows and consolidates its strength in the market.

What happens is that the sets of talents in collaboration become a “machine” highly productive and creative.

Furthermore, where an organization, or its leaders, knows how to work these formal and informal networks of talent, they have access to their vital energy and can manage it in accordance with the common interest.

Issues related to ethics and values are assimilated by all without intervention of exclusion clauses as can happen in rigid hierarchical structures.

“With the rise of “talentism,” the need for a real understanding of the common human values that connect organizations and individuals is becoming ever more important. Transparency, inclusivity, individual empowerment, and organizational responsiveness are crucial in nurturing businesses’ social fabric and facilitating empathy and collaboration. Yet, the challenge remains:

How do we translate these values into day-to-day corporate behavior and into tangible, personal experiences?

How can companies become open organizations that harness and build social capital both inside and outside of their institutional boundaries?

Do you want to comment?



3 Responses to Talents – A new economy or a new morality

  1. Dawood Chishti says:

    To create and develop a new blend of business and social values,may be outlined as,
    > Float and establish social values based education system.
    > Grow social values oriented systems to check frightening competition and gain of limitless profit.
    > Revisit and revolutionise the management concepts to match the new challenges of economic horizons.
    > Religeous leaders must come out of the temples, churches, synagogues and mosques to join the business hands for reinventing market culture based on moral and ethical values.

    With Regards,

    Dawood Chishti.

    Dawood Chishti

  2. Tom Hayes says:

    This is exactly the problem we are working to solve at – we need to stop hiring in a rear-view mirror and understand what future skills will make an enterprise perpetually innovative and competitive…

  3. John Pratt says:

    We certainly do need a new economy. An economy that accepts there are limits to growth. On a planet with over 7 billion people we can’t all be “middle class”. We must learn to live more simply so others can simply live. We have pushed the limits of growth to such an extent that our very future is threatened. We have a huge debt burden as a result of failed attempts to grow without substance. The new economy must first be sustainable, it must accept the fact we have to raise standards of living at the bottom before we can move on. We can’t leave anybody behind, we all sink or swim together.

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