CEOs have clearly turned to innovation in order to address the organizational changes necessary to grow in the future.
Fostering innovation was one of the top three strategic priorities for their organizations; however, less than a quarter (23 percent) of CEOs say that innovation is at the top of their personal agenda.
Three quarters (77 percent) said it was important to specifically include innovation in their business strategy, with clear targets and objectives. Yet, they also feel their organization has work to do in embedding innovation into their everyday operations.
Only 38 percent said their organization was highly capable in terms of fostering a culture of innovation and only 28 percent said innovation was prioritized at a strategic level within their organization and embedded in everything they do.
“The role of ‘Change Agent’ is now a requirement and a core skill of the modern CEO,” says Klaus Becker, Chairman, KPMG in Germany. “What was once a craft skill of a select group of CEOs is now a core competency. What we are seeing in the marketplace is that most CEOs are undertaking some form of significant change or transformation within their organization. The impact of these changes to an organization’s business model is requiring the CEO’s time, experience and leadership.”
High growth companies were more apt to put themselves in the strategic category (45 percent), whereas companies expecting growth of under 10 percent, put themselves in the accelerated category (33 percent).