Fostering Creativity in the Workplace
Creativity reveals something fundamental in the world or humanity in a way that is surprising, novel, or unique. Creativity often leads to innovation which is fundamental for all successful businesses who want to stay in the long run. With the rapid pace of technological advancement, it is critical for companies to adapt and stay ahead of the competition by fostering creativity in the workplace.
Creatively inclined employees are more productive, and businesses that prioritize creativity, experience a more significant growth rate. McKinsey & Company conducted research and found that the most creative companies, based on their ACS (Analytics Creativity Score), performed better than peer firms on key business metrics like financial performance and growth. Source: McKinsey & Company.
Diversity
Diverse teams of employees bring a blend of experiences, ideas, and perspectives, leading to more significant creativity levels and better products. We wouldn’t want a world full of only software engineers…we need doctors, chefs, firefighters, designers, etc. However, it's not just enough to have diverse teams; companies must also foster a culture of safety and provide the freedom to make mistakes. Innovation often comes from trial and error, so companies that reward their employees for taking calculated risks tend to experience more significant breakthroughs.
Work Environment
Another key factor that impacts creativity is the work environment. A study published in the Journal of Environmental Psychology found that employees who worked in offices with natural light and greenery produced at least 15% more profit than their counterparts in traditional settings. As such, experts recommend offices invest in natural light sources, incorporate ergonomic furniture, and add plants, and other greenery to promote healthy environments that foster creativity.
Collaboration
Creativity often comes from the intersection of different fields, industries, or concepts. For example, the artist Banksy creates art pieces that combine 2D art with a 3D landscape in a unique way that often comments on a controversial issue happening in the world. Pokémon recently collaborated with Santa Cruz Skateboards on a limited edition campaign where they sold Blind Bag Decks and apparel that are now worth hundreds of dollars rather than the usual $70-100 price range for similar items. There are numerous widely successful collaborations that exist which you will probably start to notice from now on!
According to McKinsey research, some 75% of businesses said that they think collaboration is critical for business growth. By fostering collaborations internally and with other businesses, companies of any size can leverage the power of innovation and access new markets to grow their businesses.
Fostering creativity in the workplace is critical for businesses to remain competitive and achieve sustained growth. By understanding and implementing the strategies that promote a culture of innovation, companies can see improved productivity, increased profits, and better customer satisfaction. Businesses that prioritize creativity contribute to a more prosperous society through their progress and creating positive change. To learn more about the science of creativity and insights into how startups, established businesses, employers, and employees can enhance their creative capabilities, check out our CEO Works event taking place next week hosted by Toby Corey!
This event is open to CEO Works members (CEOs and C-Level execs). Advanced registration is required. Food and drink included with paid registration.
Who is Toby Corey?
Toby Corey is the Chief Operating Officer at Cruz Foam. Cruz Foam is a sustainable materials company that developed a highly-scalable compostable foam to replace Expanded Polystyrene (EPS) and Expanded Polyethylene (EPE) in the $20b protective packaging market. Corey teaches Entrepreneurship courses (MS&E 178 & 472) in the Management Science and Engineering department at Stanford University since 2011. Corey is a former president of leaders in clean energy services with an IPO and successful Tesla merger. Corey was also the co-founder and former President/COO of worldwide leaders in web development services and successful IPO. Corey sits on the boards at Cruz Foam, Santa Cruz-based non-profit United Services Agency, and ONS Acquisition Corp. Corey sat on the boards at GetVirtual.org, Palmetto Solar, Non-profits WildlifeDirect with Dr. Richard Leakey, and Santa Cruz Works, Buoy Labs, Advanced Micro Grid Solutions, TravelScape, NBX sports, USWeb (NASDAQ: USWB), iGeneration, Electron Economy, Intend Change Buoy, Advanced Microgrid Solutions, WildLifeDirect.