Diversity, skilling key to driving sustained innovation among bizs: Study

Further, the Microsoft-IDC study highlights that government-business symbiosis is vital to further drive innovation. Among the business leaders surveyed, a significant share expects the government to support the economy and businesses, particularly in the areas of advancing digital and tech skills in the workforce (25%) and digital technology adoption incentives for businesses (21%).

Businesses in India are keen to innovate, but long-term and sustained innovation must be driven by a focus on diversity and skilling, says a new joint study by Microsoft and IDC. 

The report titled 'Culture of Innovation: Foundation for business resilience and economic recovery in Asia Pacific' is based on a survey covering 439 business decision-makers and 438 workers in India within a six-month period, before and since the COVID-19 pandemic. The India study was part of a broader survey among 3,312 business decision-makers and 3,495 workers across 15 markets in the Asia Pacific region.

Among the workers surveyed for the report, 29% of Indian businesses are investing in intensifying enterprise-wide capabilities and skilling initiatives while 28% of organizations in India prioritize and formalize innovation rewards over traditional performance. Additionally, 28% of Indian organizations prioritize and formalize innovation rewards over traditional performance.

The study identified that organizations with a strong and forward-thinking approach to empowering their workforce are most likely to innovate faster and better. As per the survey:

• 15% of Indian workers and 13% of business development managers (BDMs) believe that leaders need to prioritize a culture that embraces innovation
• 51% workers and 48% leaders acknowledge that in three years workforce models should include re-skilling and up-skilling opportunities
• 30% of organizations have increased focus on hiring a diverse cross-industry, multicultural, and multigenerational workforce
• 36% of Indian organizations indicated that they would invest in tech skills to support digital transformation
• Over the next 12 months, businesses are looking to focus on Technology (45%) and People (19%) to remain resilient and recover faster

According to the report, transformation is at risk if there is no workforce alignment. While 93% of workers believe that a culture of innovation is most important in attracting and retaining people for the workforce alignment, 72% of organizations reported their main approach is to reskill and retain staff and try to minimize layoffs.

• 30% of organizations said that they have developed a culture promoting disruptive ideas and encouraging innovation as a corporate value
• 50% of workers have also stated that their organizations are yet to prioritize a culture that strives for innovative and disruptive ideas, hires innovative talent, or focuses on upskilling

Further, the Microsoft-IDC study highlights that government-business symbiosis is vital to further drive innovation. Among the business leaders surveyed, a significant share expects the government to support the economy and businesses, particularly in the areas of advancing digital and tech skills in the workforce (25%) and digital technology adoption incentives for businesses (21%).