Employees at some of the world's top companies don't feel that innovation is well managed or even encouraged by their senior leaders-and while that might not be surprising, learning that their bosses agree with them might be. According to a new Oliver Wyman study, while three out of four executives believe that an innovation strategy is essential, fewer than half are creating an environment that fosters such thinking.

The study-a joint effort by Oliver Wyman-Delta Organization & Leadership in conjunction with the Economist Intelligence Unit-indicates that without leaders who establish a culture of innovation from the top and an organizational structure that supports innovation, companies will struggle.

These and other findings are part of the second report in the Global Leadership Imperative series, an annual in-depth look at the challenges of leading in today's complex, global marketplace. The survey polled 293 senior executives from large, global corporations representing 17 industrial sectors.

The survey also determined that executives believe they are failing in the following areas: Maintaining discipline in the innovation process (82%); recognizing innovation (73%); raking an outside-in perspective (71%); and facilitating idea generation (68%).

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