Bosses 'want staff innovation without fear of failure'
Company chiefs in Northern Ireland are embracing a "fast-fail" system where employees are encouraged to innovate even at the risk of making mistakes, according to a survey.
The Global CEO Outlook from business advisory firm KPMG said most Northern Ireland bosses want their employees to feel they can try to innovate without worrying about negative consequences.
Over half of chief executives here say they had a significant misstep early in their careers that they were able to overcome.
John Hansen, partner in charge of KPMG Northern Ireland, said: "Successful chief executives know they need their companies to be as innovative as possible and it's clear that the right environment is being created in Northern Ireland to do just that.
"Our leaders aren't afraid to give their teams the scope to try new ideas which may have a risk of failure and that opens up a world of potential.
"This level of freedom will no doubt make sure that Northern Ireland companies are at the cutting edge of innovation in the years to come."
The survey also revealed leaders are exploring new markets, tackling disruption and ensuring their businesses are resilient enough to deal with cyber threat by investing in technology and new recruits.
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All of those surveyed expect top line revenue growth over the next three years, as well as an increase in their staff numbers.
However, only a small number expect their headcounts to grow by more than 5%, compared to around one-third globally.
Angela McGowan, chief executive of CBI NI, said: "KPMG's 2019 Global CEO Outlook gives local business leaders some great insights into what is on the radar for chief executives across the globe. It raises some important and interesting ideas around what leaders should doing to maintain competitive advantage despite the uncertainty."