Why Intrapreneurship is Essential to your Organization
Autonomy, creativity and meaning are what Millennials are looking for in a career, it is also what they are not getting from the companies they are currently working for. At least that is what the The Deloitte Millennial Survey suggests. The survey affirms that for the motives listed above, 70% of millennials would like to work independently at some point in their career. Yet, the reality is different because only 10% of them will actually be able to create a stream of income from a business. For the 90% that will fail, a solution for a happy and fulfilled career might be intrapreneurship.
What is Intrapreneurship?
The concept of intrapreneurship is simple; it is the act of behaving like an entrepreneur while working within a large organization. Intrapreneurs are the ones that push further barriers of productivity by innovating within their organization. They are the ones that allow the company to disrupt before getting disrupted. Whereas entrepreneurship involves starting something from scratch with little tools and structure around you, intrapreneurship allows you to leverage on your company's resources and infrastructure to complete a project. This means that on top of having a secure income, the intrapreneur also has access to the financial, human and social resources of the company. The best of both worlds!
To take advantage of intrapreneurship companies have to create a culture that foster innovation, creativity and autonomy.
Here is a guideline to encourage this culture:
· Involve employees in the process of finding ways to improve the organization
· Give them ownership on their projects
· Give them time and the resources: a budget to learn, try and fail
· Allow more flexibility in the daily activities and routine tasks
· Recognize the employees' work, no matter what the outcome
· Encourage risk-taking: most companies have a low tolerance for failure, however, this should change to allow people to create and innovate
· Organize conference, webinars and teach them important skills that encourage innovation within the organization
Intrapreneurship has the power to improve an organization's performance on top of creating a culture that retain talents. Within an organization that encourages intrapreneurship, employees' motivations will increase significantly, but for that, employers have to rethink their organizational structure.