2. Foster the ‘intrapreneurial’ spirit
We recently introduced a simple system called “predictable time off.” The idea is that every member of a team posts to a shared calendar the evenings or weekends they’re busy with plans outside of work so that people know who best to contact in times of high volume. Originally introduced by our Assurance practice, this was so well received that it’s now been rolled out across other business lines as well.
“Predictable time off” is a good example of how to encourage colleagues to think differently and innovatively. By empowering employees to develop creative solutions, they’re able to find new ways to support all members of the team. It’s about fostering “intrapreneurship” or encouraging employees to act, think and behave like entrepreneurs within a large organization.
A company that embeds an “intrapreneurial” spirit is able to encourage innovation and therefore raise productivity and efficiency. The approach also lowers employee turnover and helps attract new talent. Perhaps the inclusion of contingent workers is a solution that would also invite untapped talent and a spirit of “intrepreneurship” into an organization.
3. Recognize the importance of purpose
Embracing flexibility and “intrapreneurship” internally are good solutions for attracting new talent. More importantly, they help companies retain skilled individuals, but they cannot achieve this on their own.
A clear sense of purpose can help companies navigate the challenges that come from disruption. It should underpin every new workplace initiative and every shift in strategy.
According to recent EY research done in collaboration with Harvard Business Review, the majority of executives surveyed believe that purpose-minded organizations are more successful delivering high-quality products and services, executing business transformations and retaining employees and customers. Yet, nearly half admit they don’t have a strategy that reflects their purpose.
It’s important to encourage transparent and regular two-way communication with your employees about the direction in which the company is headed and the role they play in achieving these goals. After all, your people are your most important asset, your strongest advocates and the best at recruiting new individuals into the firm.
Each year in Monaco at World Entrepreneur Of The Year, we recognize the accomplishments of entrepreneurs and their efforts in job creation and economic growth around the world. As part of the 2016 event, we released our 2016 Job Creation Survey (pdf), which surveys entrepreneurs’ views on how disruption and innovation are impacting global job creation, workforce levels and strategies for growth.
As technology and disruption overhaul the workforce across sectors, in some cases eliminating roles, in others changing the nature of existing roles and creating new ones, it’s clear that this is an exciting time for companies to seize opportunities that align their talent management strategies with future growth.
Summary
As technology and other disruptions redefine the workforce, companies must adapt or risk losing top talent.
