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Boards must embrace innovation ‘beyond what is immediately necessary’

By Grace Ormsby
30 December 2022 | 11 minute read
mark rigotti massimo garbuio reb urppjs

Australian boards are being urged to do more to embrace innovation in the workplace by a new report.

The Australian Institute of Company Directors (AICD) has partnered with the University of Sydney Business School on a report that reflects on Australian boards’ focus on innovation — as well as the impacts of the pandemic.

Innovation in the boardroom: Rising to the challenge? looks at “the crucial role directors have to play in driving organisational innovation”.

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Surveying more than 850 AICD members, the report looked at what it takes to “drive an innovative culture, overcome risk aversion, and remain competitive in a rapidly changing global economy”.

University of Sydney Business School Associate Professor and co-author of the report, Dr Massimo Garbuio, said that COVID-19 had forced Australian boards to “play catch up”.

“Our research tells us there’s now a much higher awareness among boards and directors of future-proofing their organisations by adopting innovative practices and approaches,” he said.

Dr Garbuio acknowledged working from home as now the norm, among other flexible working arrangements.

But while necessity is the mother of invention, the associate professor stated: “It’s time for boards to embrace innovation beyond what is immediately necessary for survival”.

AICD managing director and chief executive Mark Rigotti has concurred, stating: “It’s now up to all of us to help build on the progress that’s been made so innovation is embedded into the DNA of all Australian organisations.

“A shift in director mindset is needed to meet the increasing challenges posed by issues such as climate change, cyber security risk and economic uncertainties.”

According to him, “our country’s continued prosperity depends on it”.

ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

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