Growing Your Intrapreneurs: Key to Talent Retention

by Jody Ordioni

Growing Your Intrapreneurs: Key to Talent Retention

Workplace loyalty in the modern world has become a defunct concept. To get the best performance out of employees, companies should find out the root cause of their discontent. But how can employees counter the disenchantment of the entrepreneurial spirit? This can be done by cultivating a spirit of intrapreneurship.

What is an intrapreneur?

This term refers to an employee who is capable and willing to develop innovative ideas and concepts within the workplace. They are given a free rein to think, act, and create in a unique manner. Encouraging this behavior proves beneficial for everyone. Employees feel more engaged with the work they do and are happier as a consequence and employers can get newer ideas. Though there are risks without risks growth is impossible.

How to Encourage Intrapreneurship?

There needs to be a cultural shift in the company vis-à-vis three areas, those being autonomy, creativity, and skill development. Organizations should not wait for that one moment to introduce changes in the culture. Employers who do not act quickly run the risk of letting toxic culture fester. Creating an entrepreneurial spirit cost-effectively can be tricky, so here are three tips that might help.

Holding Hackathons

Hackathons were an innovative outlet created for coders and developers by tech firms and leaders. The purpose of hackathons was to find out novel solutions to problems in the field. The 'like' button you see on Facebook was the outcome of one such event. Over a single day, thousands of ideas are generated and shared, on a simple platform. A hackathon will be successful when there is a clear objective in sight- a problem to solve.

To ensure all that all the employees effectively participate in the hackathon, it should be promoted timely and efficiently. Ideas should not be under scrutiny since it would hinder creativity from flowing. Once the event is done, employees should be asked for feedback. Timely and transparent communication would ensure that ideas that have come up during the event are implemented and employees have a positive change in their environment.

Development Program for Intrapreneurs

Ideas developed during hackathons can lead to a second opportunity for intrapreneurs. For any aspiring future leaders, the chance of working on a real-life problem is a great way to enhance their skill set. Support them by offering your mentorship and ensuring that relevant opportunities are available to them.

With correct mentorship, support, and opportunities to grow, your intrapreneurs can bring innovative ideas and solutions too.

You need to trust them and make sure that their growth is not hindered by anything that can be prevented on your part. The secret to success lies in creating space for others by helping them navigate through tough waters.

A Culture of Learning

If learning is the foundation stone of your company culture, then it won't be hard to retain talented employees or to encourage intrapreneurship. However, when one talks about learning, formal classroom structure is not the solution to that. Personalized and relevant training opportunities, that are delivered in a manner accessible to everyone and engaging, are preferred. Many universities have now started offering online courses or MOOCs (Massive Open Online Courses). These are offered free of charge or at a minimal cost. You can access different kinds of courses from top universities across the globe. This is a cost-effective method for upskilling intrapreneurs. Moreover, it allows employees autonomy over their learning through self-led courses. Encourage your intrapreneurs to enroll in such courses so that they can increase their learning opportunities. This would also help you retain employees since they'll be able to see that the companies care about their careers.

The Bottom Line

Intrapreneurship is not only a tool for innovation, rather it details a shift towards creating a loyal and autonomous workforce. It won't just boost business but also make your employees into engaged trailblazers. Fostering creativity and learning leads to an innovative environment. And you might end up learning something new as well.

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