In fact, the impact of improving culture on innovation When it comes to driving innovation, mindset is 42 times greater than the impact of increasing pay is considerably less effective increasing salary. than bolstering a more-equal culture. Leaders value prospective employees’ educational backgrounds, but it’s not enough to hire people Percent increase in innovation mindset of a 10% increase in with impressive résumés. pay vs. a 10% increase in workplace culture factors. Having employees with an advanced degree or who have studied a STEM subject at college has a less powerful impact on workers’ willingness and ability Workplace to innovate than culture factors do. Average pay culture factors Leaders should bridge the innovation gap by 0.25% 10.6% concentrating on a culture of equality. 15 GETTING TO EQUAL 2019: CREATING A CULTURE THAT DRIVES INNOVATION