Bangkok--22 Mar--ABM Connect
A workplace culture of equality is a powerful multiplier of innovation and growth, according to new research from Accenture (NYSE: ACN).
"In this era of widespread disruption, businesses and organizations need to respond with continuous innovation to succeed," said Mr. Nontawat Poomchusri, Country Managing Director and Financial Services Lead, Accenture in Thailand. "Our research makes it clear that tapping the power of workplace culture is essential to unleashing innovation across the company."
According to the research, the vast majority of executives around the world agree that continuous innovation is essential: 95 percent see innovation as vital to competitiveness and business viability. A culture of equality is a powerful driver of an innovation mindset—more than other factors that differentiate organizations, such as industry, country or workforce demographics. Among those surveyed, people across all genders, sexual identities, ages and ethnicities show a stronger innovation mindset in more equal workplace cultures.
Accenture's new research is based on a survey ofmore than 18,000 professionals in 27 countries, including 1,400 in the U.S., a survey of more than 150 C-suite executives in eight countries and a model that combines employee survey results withpublished labor force data. It builds on Accenture's 2018 research, which identified 40 workplace factors that contribute to a culture of equality, and grouped them into three actionable categories: Bold Leadership, Comprehensive Action and Empowering Environment.
This year's research determined that an empowering environment is by far the most important of the three culture-of-equality categories in increasing an innovation mindset, which consists of six elements: purpose, autonomy, resources, inspiration, collaboration and experimentation. The more empowering the workplace environment, the higher the innovation mindset score. For instance, U.S. employees in robust cultures of equality are seven times more likely to say that nothing holds them back from innovating (44percent in most equal cultures vs. 6percent in least equal cultures).
However, organizations must close the important gap the research revealed between C-suite executives and employees. While 76 percent of executives globally said they empower employees to innovate, only 42 percent of employees agree. For example, executives appear to overestimate financial rewards, and underestimate purpose, as motivations for employees to innovate. In a more equal culture, the strongest factors underpinning an innovation mindset include providing relevant skills training, flexible working arrangements and respect for work life balance.
Diversity is a critical building block
While diversity factors alone (e.g., a diverse leadership team and a gender-balanced workforce) significantly impact innovation mindset, a culture of equality is the essential multiplier to help companies maximize innovation. The research found that innovation mindset of U.S. employees is nearly eight times greater when diversity is combined with a culture of equality, compared to companies where these are least common.
High economic stakes
The new research found that an innovation mindset is stronger in fast-growing economies and in countries with high labor-productivity growth. The opportunity is enormous: Accenture calculates that global gross domestic product would increase by up to US$8 trillion over 10 years if the innovation mindset in all countries were raised by 10 percent.
"Accelerating equality in the workplace has never been more critical for driving innovation," said Nontawat. "If people feel a sense of belonging and are valued by their employers for their unique contributions, perspectives and circumstances, they are more likely to advance and feel empowered to innovate."
Read the global report at accenture.com/gettingtoequal.
Methodology
As part of its "Getting to Equal 2019" research, Accentureconducted an online survey of more than 18,000 professionals in 27 countries — including 1,400 in the United States — during October 2018, as well as a phone survey with more than 150 C-level executives in eight countries in November and December 2018.
About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world's largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 469,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.