Building and Innovation Culture

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Building and Innovation Culture Powered By Docstoc
					Living the Dare to be Different Value
Dare to be Different
 “To Become a genuine value, it must change the daily
 routines, introduce new heroes and new language
 throughout the whole organization”
   Innovation to the Core, Peter Skarzynski et al

 Dare to be different is the pathway to “reinvent
 neighbourhood banking” at Meridian
Pathway to Innovation
 Building a culture is like building a brand
    Its not the words
    It’s the actions that define the culture
 Must be top down and bottoms up
 Must engage all employees in new ways
 Must be multi-dimensional in its approach
The Concept of Fair Process
“As in legal terms, fair process builds execution into
  strategy by creating people’s buy in up front”
   Blue Ocean Strategy

 Meridian’s goal to build an innovative culture, depends
  on the organization’s ability to build employee buy in
  to the “Dare to be different” value
 The ultimate goal is to inspire voluntary cooperation
  where employees are willing to go beyond the call of
  duty and where innovation strategy becomes “self
How Fair Process Works
    Strategy    • Fair Process                        Tools / Tactics
  Formulation     • Explanation / Engagement      • Collaborative Software
    Process       • Expectation Clarity
                                                  • Clear intake process
                                                  • Regular 2 way
                • Trust and Commitment              Communications
   Employee       • “I feel my opinion counts”    • Trusted Innovation
   Attitudes                                        “Champion”
                                                  • Rewards and
                • Voluntary Cooperation             Recognition
  Employee        • “I’ll go beyond the call of   • Skill building
  Behaviours        duty”                         • Effective measures
                                                  • Exec participation and
                • Exceeds Expectations
    Strategy      • Self Initiated (Cultural)
                                                  • Flexible and
   Execution                                        responsive resourcing
 From the preceding slide, building an innovation
 culture can be broken into the following components:
   Innovative Processes
   Metrics and Measurements
   Aligned Reward and Recognition
   Communications and Language
   Leadership support and behaviours
Innovation Processes
                          • Consider an “open source” approach towards ideation
Idea development and      • Develop regular information / brainstorming sessions on organizational

  Idea scoping and        • Leverage all talent – collaborative technologies and multi-discipline input
                          • Depend on voluntary cooperation
       review             • Many to many versus one to many development

Idea prioritization and   • Define role of BET and executives
  resource allocation     • Be receptive and responsive

   Skill build and        • Provide tools and subject matter expertise to problem solving and
                            information sharing
 employee capability
Sample Innovation Process
              Intake                      Development                  Prioritization
 Meridian                                                Assign SME

                       EMI Dept                                           BET
                                                                                     Pilot /

                                           Collaborative Feedback

                       • Grouping                                     • Prioritize
                       • Categorization                               • Funding
                       • Consolidation                   Assign       • Resourcing
• Information                                            Champion
• Brainstorming                                                                      Recycle
• Chat forums
• Idea generation
• Status updates
                                           Collaborative Feedback

                    “Open Source” Development
Innovation Metrics / Measures
 Need to integrate innovation into corporate measures of
   Consider a new set of metrics
     Idea generation, idea quality
        # of ideas generated

        % of ideas brought to BET

     Idea implementation
        Success rate

        ROCE

     Cultural
       Q12: My opinions are heard and count

     Ability to share and leverage learnings
        Measure participation rates
Innovation Reward and Recognition
 Consider an integrated innovation reward and
 recognition approach
   Create an environment that encourages and recognizes
    thinking beyond the box
   May need an “off grid” set of innovation awards, but
    linked to the corporate Reach for the Stars program
   Need to identify new “heroes” of innovation within the
   Keep innovation open to all levels of employees
Sample Innovation Awards

    Innovation Awards                             Reach for the Stars
    • Reward innovative ideas                     • Recognize outstanding personal
    • Recognize creativity and quality of           achievement
      submissions                                 • Reward work effort and quality
    • Reward “failures” as well as success        • Recognize above and beyond

                   Innovation awards as a subset of Reach for the Stars
Innovation Communication and
 Communications need to be collaborative and “open
   Consider leveraging collaborative technologies
       Internal community of early adopters
       Multi-media extended to distributed corporation
   Needs to start with fun, creative and open
       Blog and webcast formats?
       Young and free style format?
                                                                   Click the bulb
                                                                   to submit ideas

                                                                  Click the light bulb to submit
    Home          About         Articles      Contact             your idea

Sept 19th, 2008                                                              The Bucket List

How to Get Your Ideas Heard                                        1. MCUTV
10 Comments                                                        2. MeBank
                                                                   3. Pet Insurance
                                                                   4. CU Services Bureau
                                                                   5. Life Event Planner
                                                                   6. Pay Day Loans
                                                                   7. Agency Sales Force
                                                                   8. Satellite Branches
                                                                   9. Strategic Partners
                                                                   10.Private Equity
                          Pic / vlog                               11.Concentra Agency

                                                                               Recycle Bin

                                                                   1.   Deposit Insurance
                                                                   2.   World Wide Debit
                                                                   3.   Golf Course Owner
Ever had a great idea but never felt it would get the attention
                                                                   4.   Tablet PCs
it deserved? Now Meridian has a whole department dedicated
to get you ideas out, scoped and prioritized (well, one lonely                 Home Runs
VP in a storage room anyway).
Read more …
                                                                   1. Deposit Brokerage
Sept 18th, 2008                                                    2. Laddering

What is EMI?
                                                               Click the bulb
                                                               to submit ideas

                                                              Click the light bulb to submit
   Home          About        Articles      Contact           your idea

                                                                         The Bucket List
About EMI
                                                               1. MCUTV
Emerging Markets and Innovation, EMI, was created to           2. MeBank
facilitate the development and implementation of innovative    3. Pet Insurance
                                                               4. CU Services Bureau
business processes across Meridian. Currently, the EMI team
                                                               5. Life Event Planner
consists of one full time VP and is funded to take on          6. Pay Day Loans
temporary (or seconded) staff as projects require. Broadly     7. Agency Sales Force
speaking, the EMI mandate includes:                            8. Satellite Branches
                                                               9. Strategic Partners
                                                               10.Private Equity
Fostering an innovation culture at Meridian
                                                               11.Concentra Agency
Supporting “sustaining” innovation within the Core business
Leading disruptive innovations in new channels and markets                 Recycle Bin
Leading innovative change within the credit union system
Read more …
                                                               1.   Deposit Insurance
                                                               2.   World Wide Debit
For additional information , please download the EMI           3.   Golf Course Owner
                                                               4.   Tablet PCs
mandate on powerpoint:

EMI Mandate
                                                                           Home Runs

                                                               1. Deposit Brokerage
                                                               2. Laddering
                                                                            Click the bulb
                                                                            to submit ideas

                                                                           Click the light bulb to submit
    Home                About               Articles             Contact   your idea

Sept 19th, 2008                                                                       The Bucket List

Innovation Resources                                                        1. MCUTV
                                                                            2. MeBank
In this section we provide some background articles on                      3. Pet Insurance
                                                                            4. CU Services Bureau
innovation best practices and case studies.
                                                                            5. Life Event Planner
                                                                            6. Pay Day Loans
Winning at innovation pdf
                                                                            7. Agency Sales Force
This is a collection of articles touching on innovation strategy,           8. Satellite Branches
disruptive innovation and structuring for innovation.                       9. Strategic Partners
                                                                            10.Private Equity
Building Break Through Businesses with Established Organizations pdf        11.Concentra Agency
Interesting article on how to forget old business paradigms
and the importance of strategic experimentation.                                        Recycle Bin

                                                                            1.   Deposit Insurance
Recommended Reading                                                         2.   World Wide Debit
                                                                            3.   Golf Course Owner
Skarzynski, Peter and Rowan Gibson. Innovation to the Core.                 4.   Tablet PCs
   Boston: Harvard Business Press, 2008.
                                                                                        Home Runs
Kim, W. Chan and Renee Mauborgne. Blue Ocean Strategy.
                                                                            1. Deposit Brokerage
   Boston: Harvard Business Press, 2005.
                                                                            2. Laddering
Executive Leadership and
Define the role of ELT, BET and SLT in leading innovation
    Lead champion on innovation culture
    Prepared to take and reward some risks and champion disruptive
    Require some dedicated time devoted to the “new stuff”
    Big focus on listening versus creating
    Actively recognize desirable cultural behaviours
    Flexibility with resource allocation
    Response times to new ideas – avoid the slow no
    Accountability for using innovative tools at a department level and
     leveraging rewards and recognition