India’s ranking at Innovation Excellence improved from #81 in 2018 to #40 in 2022
As part of its recognition lists announcement, Great Place To Work India, today announced the first ever edition of India’s Best Workplaces Building a Culture of Innovation by All 2023. The global authority on workplace culture, Great Place To Work, assesses various organizations as a part of their research, based on which companies get identified as Best Workplaces, every year
The Innovation Excellence 2022 list ranked India at #40 marking progress from its position at #81 in 2018. One significant factor that has contributed to India’s rise in the Global Innovation Index (GII) rankings is the increase in research and development spending, which has grown from 6.45% of GDP in 2018 to 8.68% in 2021. This funding has led to the growth of innovation and startup ecosystems in the country. The list also notes that there is a roughly 40% innovation gap between practices and experience in many industries – with bio and pharma being the most impacted, followed by manufacturing and retail.
The report further indicates that 72% of employees believe that celebrating innovation in the workplace improves workplace agility, customer service, as well as employees’ sense of pride in the organization. It contributes to improved employee experience, morale, and productivity. Some key findings from the report include:
- Working at Best Workplaces, 8% of employees felt more inspired on an individual level, while 9% felt more connected to their organization when compared to those who work at other workplaces.
- The employee innovation rates are 81% at Best Workplaces, compared to 63% at other workplaces.
Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, Great Place To Work India said, “In recent years, there has been a growing recognition of the importance of fostering a culture of innovation in the workplace, particularly in the context of Indian companies.
Our study report has shown that companies that prioritize innovation tend to outperform their peers in terms of growth, profitability, and overall success. Based on our research, we also observed that innovation can be influenced by several factors, as indicated by the given pointers. Pride and respect are essential for driving innovation and can result in an 11-12% higher innovation score.
Companies that are recognized as the Best Workplaces have a higher rate of innovation, with employees being 18% more innovative, 8% more inspired, and 9% more connected to their organization. The Best Workplaces for Innovation differentiate themselves by offering benefits and fairness, which sets them apart from their competitors by 10-13%.
The Global Innovation Index (GII) is a leading benchmark for measuring a country’s innovation capabilities, and India has made significant progress in this index over the past few years. Several Indian companies have successfully fostered cultures of innovation. These companies have invested in cutting-edge technologies and digital transformation initiatives, while also prioritizing employee training and development.
Additionally, the government has introduced encouraged greater innovation and entrepreneurship through initiatives such as Startup India. The government has also launched the Atal Innovation Mission, aimed at fostering innovation and entrepreneurship among students.”
Great Place To Work India has released the list of winners identifying India’s Best Workplaces Building a Culture of Innovation by All 2023, which recognizes organizations that have created a High-Trust, High-Performance Culture for their employees.
The top 10 winners for India’s Best Workplaces Building a Culture of Innovation by All 2023 are: –
- Atlassian India LLP
- Aubergine Solutions Private Limited
- F5 Networks Innovation Private Limited
- H & R Block (India) Private Limited
- Opcito Technologies
- Toyota Connected India
- Valorem Reply
- Version 1 Services Private Limited
- Vuram
- WWT India Private Limited
For the complete list of winners, please click here
