Expert Advice: Jay Hooley, President, State Street Corp.: Listen for Good Ideas at All Levels

Jay HooleyThe most important thing a leader can do to spur innovation is listen. While there is inherent risk to change, it is critical that we pay attention to new ideas and reward great thinking because new ideas challenge a stagnating status quo. As leaders, we must make it our mission to create a culture that rewards the nimble, the flexible and encourages an element of learning from mistakes. Recognizing good ideas can come from anywhere and at any level, we have mechanisms in place to identify and find the areas of innovation and best thinking. Innovation is all about unleashing the power of the collective expertise of our workforce. Just as importantly, leaders need to ensure these insights are heard, rewarded and acted upon.

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