Developing an innovation strategy in your business provides a variety of benefits. As your business grows and becomes known as an innovator in its marketplace, many people will notice. News articles and word-of-mouth advertising builds your reputation as an innovative company, which attracts new customers as well as potential employees and contractors.
Many people want to work in a creative and innovative environment. These people often perceive less innovative companies as "boring" or "old fashioned". When you position yourself as an innovative company, employees and contractors will seek positions with your company. This puts you in a strong position by attracting a large group of potential employees and contractors when your company has an open position.
I have known many top employees who were considering several new job opportunities. In addition to the actual job responsibilities, these people looked very closely at the company's culture, which included the innovation culture and the creative work environment. In this situation, innovative companies had the edge in hiring these top candidates.
Also, I know many people who accepted jobs at innovative companies, even though the salary for the position was less than other companies with similar positions. When people enjoy their work and enjoy the working environment, they are likely to be more productive, happier and less likely to leave the company.
Consider taking steps to position your business as an innovator and begin experiencing the benefits of your innovative activities. Developing an innovation culture is beneficial throughout the business, not just in the area of hiring and retaining employees.