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Creative destruction. These two words, which describe the process by which new innovations replace and destroy old ones, got my attention recently and, more saliently, the attention of the Nobel prize committee.
In October, Canadian economist Peter Howitt and his research partner French economist Philippe Aghion were jointly awarded half of the Nobel Prize for their work on modelling the creative destruction that fuels economic growth. The other half of the prize went to Joel Mikyr, a Dutch-born economic historian who also studies how breakthroughs feed economies.
The seminal paper authored by Mr. Howitt and Mr. Aghion explained innovation-driven economic growth and provided a mathematical model for creative destruction, outlining what is needed to sustain the growth and what risk factors can derail it.
While their work focused on the level of economy, there are also important considerations for individuals navigating their careers.
The gist is there must be a continual stream of change-makers (individuals, companies, sectors) willing to make and/or support climates for creativity, research and strategically bold moves that introduces new products, processes and technologies.
But what happens when those disruptive change-makers become successful and then complacent and embrace the status quo? This impedes the future of innovation, which is crucial for ongoing prosperity. This can happen at the organizational, sector and government level – as well as individually.
This paper was published in 1992, and yet is more relevant and timelier than ever. Add on the new additional risks at play with the recent havoc, chaos and uncertainty in trade relations and inter-dependent global economies.
What can this mean for individuals navigating careers today?
It’s tough out there and has been for a while. There is a lot to consider as one tries to stay on their best career toes. It’s no longer just about holding on to your job. It’s also very much about how can you be part of the creative destruction economy – at the level of your own influence and agency?
Not a quick answer, but a few things to think about:
How can you make creative destruction work for you? What pitfalls to avoid?
Leaders – You’ve risen within the ranks and it feels good to be at the top. How do you make sure you (and others) do not become stagnant?
Keep growing: How do you stay aware of new possibilities for strategic improvement? What influence can you have to ensure your organization is not getting too comfortable? What bold and courageous stances do you need to take? How do you foster a nimble and creative mindset for yourself and for your team? When hiring, do you factor in character strengths such as flexibility, curiosity, pivot-ability and resilience?
Strategic Balance: Chasing the latest idea for the sake of innovation won’t cut it either so how do you balance the chaotic nature of continuous change with the need for appropriate levels of stewardship of vision, purpose and strategic rigour.
Enable and empower: Where are your processes helpful and where do they hinder growth and innovation? Is your organization so bogged down in structures and policies that it becomes impossible to innovate, to respond and/or create opportunities in a timely way? What needs to stay? What can go?
Tap into collective wisdom: Wisdom never exclusively resides within one role, department or seniority rank. How do you ensure you encourage and call for wisdom from the broader array of people in your workforce. Much ‘gold’ can come from ‘boots on the ground’ or behind the scenes support employees, etc. They offer different and yet crucial vantage points.
Aspiring leaders, and careerists from varying levels:
If you are not yet a leader (of influence or in title) or even sure if you want to be one but yet still want to have a flourishing career, consider this: As you build your career, how are you setting your sights on the right place to grow, to contribute, to learn? How do you make sure you hone skills that serve not just for today but for future possibilities too? As you see opportunities how can you give voice to new ideas to the right people who have influence to support change?
Red flags that could turn into pitfalls:
- Change is messy. Leaders, don’t make it unduly messy by not communicating. Do your best to foster two-way communications. Keep your people in the know (as best you can) and listen, listen, listen. Too many changes without due connection can flatline even the best intentions and strategies.
- For all levels, show grace when things look messy. As organizations try to adapt and create new strategies to survive (and hopefully flourish), things don’t always come neat and tidy nor with immediate clarity or certainty. Do your best and show some flexibility and grace. Ask for what you need but know it may not be immediately available. No one is doing this to you on purpose.
- For everyone, in all this don’t forget to pay attention to resilience and that of your team. Keep your tank filled for now and the future.
As Wayne Gretzky famously said: A good (hockey) player plays where the puck is. A great player plays where the puck is going. Be part of your own creative deconstruction and keep skating on.
Eileen Chadnick, PCC, of Big Cheese Coaching, is an ICF credentialed, two-time ICF (International Coaching Federation) Prism award winner. She works with leaders (emerging to experienced), and organizations, on how to create better ways to navigate times of flux, opportunity and challenge. She is the author of Ease: Manage Overwhelm in Times of Crazy Busy.