India Ranked 40 On Global Innovation Index, R&D Spending Pushing Startup Ecosystem, Says Report
The Innovation Excellence 2022 list ranked India at 40 marking progress from its position at 81 in 2018. As part of its recognition lists announcement, Great Place To Work India, on Thursday announced the first edition of India’s Best Workplaces Building a Culture of Innovation by All 2023.
Great Place To Work assesses various organisations as a part of their research, based on which companies get identified as ‘Best Workplaces’, every year.
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, the report said.
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 organisation. 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 organisation 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 and CEO, Great Place To Work India, said, “Our study report has shown that companies that prioritise 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.”
Ramaswamy added that companies that are recognised 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 organisation.
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 recognises organisations that have created a High-Trust, High-Performance Culture for their employees.
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