BUS 475 Week 4 DQ 11 -
In the video, Jim Garrity, former Chief Marketing Officer for Wachovia, detailed a fascinating Executive Leadership Program which a few years ago produced a groundbreaking recommendation on how Wachovia could become more innovative as an organization. Several of the lessons learned that Jim described were telling, I think. Among them were:
- They had to realize up front that they just were not an innovative company.
- There was no well-known central place where employees could bring ideas for consideration.
- The focus of each business unit on their own bottom line made it difficult for a cross-business-unit "big idea" to gain sponsorship.
- Their corporate culture, indeed the Financial Services industry itself, was actually hindering innovation.
With which of these lessons learned, or others that you can think of, can you best relate in your experience? Please explain why, and share some examples from your own business or experience, without divulging any proprietary information