Could ‘intrapreneurship’ be the next buzz word of the corporate world? According to recruiting experts Hays, it’s gaining prominence as organisations look to their staff for innovations and make an entrepreneurial spirit part of their selection criteria when hiring new talent.
Intrapreneurship is the idea that individuals can, in some form, be encouraged to explore their own business ideas alongside their day jobs. It’s gaining prominence because many organisations are trying to improve internal innovation in order to compete with market disruptions, technology innovations and the impact of digital. It’s an issue explored in the recruiter’s latest Hays Journal.
“The advent of nimbler start-ups, particularly in the technology sector, that are capable of disrupting entire industries has forced organisations of all sizes to wake up to the need to develop new business lines and models,” says Dean Stallard, Regional Director of Hays in Hong Kong. “There’s also a growing realisation that such ideas might just emanate from staff themselves rather than being dreamt up across the boardroom table.”
“As well as the business benefits, intrapreneurship offers recruitment and retention advantages. Individuals are given the freedom to explore their own ideas without having to leave the organisation and are more engaged as a result. There’s also a strong attraction benefit, which can be hugely significant in sectors where talent is in demand.”
How can an organisation encourage intrapreneurship?
Kenny Ching, Assistant Professor of Strategy at UCL School of Management, suggests three approaches in the latest Hays Journal:
· Formally incorporate intrapreneurial activities as part of performance-review schemes;
· Employ more flexible schemes that allow would-be intrapreneurs to spend time away to develop ideas;
· Develop an informal culture that allows ideas to be safely discussed, with no repercussions on performance. For example, idea competitions.
Above all though, an organisation needs a genuinely entrepreneurial culture that is embedded from the top down.
For more insights please see the see latest Hays Journal.
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Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2016 the Group employed 9,214 staff operating from 252 offices in 33 countries across 20 specialisms. For the year ended 30 June 2016:
– the Group reported net fees of £810.3 million and operating profit (pre-exceptional items) of £181 million;
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