If you are introducing cost-cutting in your innovation agenda, your ultimate drive is to create a cost culture that sustains itself over time and is not forgotten three months after being announced by the leadership.
Typically, cost-cutting is an expression that frightens employees. It often suggests salary reductions, job cuts and increased individual workload. When introduced in your innovation agenda, you should thus ensure that both real needs and strategy are understood across the organisation, consistently framing any cost-cutting goals.
With innovation management capturing rising interest from human resource managers and directors, Exago’s team took part in the Expo’RH2018 in Estoril, Portugal, to discuss the latest news and trends in the sector. The event organised by the International Faculty for Executives gathered hundreds of HR directors from leading companies such as Nestlé, Ageas, Pfizer, Renova and McDonald’s, under the motto “Experience is the way”, on March 14 and 15.
You can save time and money by having your employees contribute ideas for the cost-cutting strategy, as well as cost-optimisation ideas that can transform and impact the company positively. Examples from our clients’ innovation management programmes show just that.
When developing your innovation agenda, bear in mind that employees deal daily with inefficiencies in your company, having often diverse and powerful ideas related to organisational processes and products. The following are real examples of this.