intra(entre)preneurial solutions to recruit and retain tomorrow's leaders
DESCRIPTION
What does the global labor market look like today as well as challenges and opportunities related to (a) youth unemployment and (b) widening gap between youth and adult unemployment. What is the labor market predicted to look like in the near future. What are global trends? Tomorrow’s labor market is defined by today’s youth – the generations Y&Z - Who are they and how are they different from today’s workforce? - Look at the spectrum, ranging from those threatened by unemployment to those who will be leading figures in tomorrow’s world. Leaders of tomorrow: What are their career options and what do they want and expect from work? Challenges and Opportunities for organizations when facing tomorrow’s leaders What is the role of entrepreneurship & intrapreneurship - How did the importance of the phenomenon change over the past two decades - How can organizations harness the entrepreneurial potential of tomorrow’s leaders? Trends in the domain of entrepreneurship – An ecosystem perspective - What are entrepreneurial ecosystems and their main components - What does this mean in an organizational context? How can organizations build internal ecosystems of innovativeness and intrapreneurship to attract, reward and retain tomorrow’s talents? Implications and recommendations for organizations on how to best implement a culture and structure that will get them the best talents. - Detailed analysis of the culture, nurturing the free flow of creative ideas, reward systems that foster entrepreneurialism, a novel approach of funding creative ideas, mechanisms to retain talents and tomorrow’s leaders.TRANSCRIPT
Dr. Peter Vogel
Intra(Entre)preneurial Solutions to Recruit and Retain Tomorrow’s Leaders
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Outline The Youth Labor Market • Youth unemployment crisis and a war for talents • Causes and drivers
The Next Generation • Generational changes & next Gen Profiles • What tomorrow’s leaders expect
What You can Do to Recruit and Retain Tomorrow’s Leaders • Recruiting trends • Entrepreneurship as career choice
Intrapreneurship Ecosystems: Unleash the Talent of Future Leaders • The Workplace of the Future
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I: Youth Labor Market Crisis
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Youth Unemployment vs. War for Talents
War for Talents
• Only a myth as predicted in 90s? Yes & no
• One in three employers have difficulties
finding qualified personnel (Manpower)
Youth Unemployment
• 75m young people officially unemployed
• (ILO, 2013)
• Particularly high in developed world
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Youth Unemployment Europe 24%
Data Source: Eurostat Youth (< 25 years)
+ 58%
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Youth Unemployment OECD
Data Source: OECD (Feb 2012)
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Youth Unemployment Worldwide
Source: ILO (2013)
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Youth Unemployment: Lost Generation
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Youth Unemployment: Causes
No Guidance
Lacking Experience
No Career Vision
Crisis No Perspective
Generational Change
Lack of Credibility
Increased Productivity
Biased Self-Evaluation
Skill Mismatch Baby Boomers Aspirations
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Causes & Drivers: Mismatch
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II: Understanding the Next Gen
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Digital Natives
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Generational Change The GI and Silent Generations (1901-1945) • Life before TV / WW I and WW II • Respect hierarchy The Baby Boomers (1946-1964) • Work on typewriter / revolutions • Distrust authority
Generation X (1965-1982) • Work on word processor / tough economic times • Don’t trust anyone
Generation Y (1982-1990) • Work on computer / growing up in stability • Environmentally conscious / Dual-income parents Digital Natives (Gen Z) (1991 – present) • Virtually connected / exposed to a global competition • Worried about future / seek security / reduced loyalty
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Digital Natives What will future anthropologists say about Digital Natives?
• Speed & convenience: always connected, act quick & reflect little
• Privacy: Low barrier to share private information
• Social skills / virtual life: Global virtual friends replace real ones
• Shift of basic skills: Many kids cannot write/read cursive
• Exposure to lots of information: Desensitization
• Global mobility: willingness & possibilities to move around
• Nationality: Sense of nationality will vanish due to blurring integrity
• Single life: Divorce rates increase, loyalty towards others decreases
Gen Z on the job market in 2014 / 2015
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Digital Natives – Career Choices
© Jobzippers
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III: Recruit & Retain Tomorrow‘s Talents
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Recruiting Trends Some “Old” New Stuff
• Mobile and video recruiting
• Recruiting through social networks
• Social headhunting
• Webinars and virtual career fairs
Some “New” New Stuff
• Customize the Job to the talent and not vice versa
• Targeted and personalized recruiting
• Re-focusing on corporate branding to stand out of the crowd
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By now you all should have this... 28 million fans 1 message, 28 mio readers…
Jobs in Social Media Spread the jobs
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New Ways of Talent Recruiting
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New Ways of Talent Recruiting
Targeted and Customized Graduate Recruiting
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New Ways of Talent Recruiting
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Retaining Talents What employers need to do to retain us at the company?
… less formal and bureaucratic and more open and empowering …
… say why they’re doing what they’re doing. Where can we go together? …
… creativity, choice and flexibility …
… create genuine values …
… MAP: mastery, autonomy, purpose …
… stock options …
… flexible work style… virtual team structure …
… 3Fs: fun, flexibility, and food …
… employers should get more comfortable with intrapreneurs … . . .
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Workplace of the Future
New Organizational Structures
• Meaning: One’s contribution must fit into a bigger puzzle
• Vision: Give them a clear vision so they can have an impact
• Culture & Community: Create a strong community they identify with
• Flexibility: Be more flexible while still offering guidance
• Instant Rewards: Create small & instant rewards as opposed to big steps
• Social Media: Be open about social media. Don’t ban Facebook etc.
• Mentoring: Cross-generational mentorship
• Intrapreneurship: Building intrapreneurial ecosystems
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Entrepreneurial Intentions of Students
• The % of people who want to start a company increases 10-fold after 5y
• There exists a large intention – action gap.
Embracing Entrepreneurship as a Career
Employers can harness this potential by embracing entrepreneurship
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IV: Intrapreneurship Ecosystems
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Building Intrapreneurship Ecosystems
© The Entrepreneurs’ Ship®
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Building Intrapreneurship Ecosystems
Building A Culture of Innovation
• Live honest company values & share a clear vision
• Involve all employees in the idea generation process
• Embrace a culture that accepts failure
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Building a Culture of Innovation (1/3)
Netflix Corporate Values
Honest Company Values
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Building a Culture of Innovation (2/3)
Involve all Employees in Idea Generation
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Building a Culture of Innovation (3/3)
Embrace a Culture that Accepts Failure
“Only those who dare to fail greatly can ever achieve greatly” – Robert Kennedy
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Building Intrapreneurship Ecosystems
Creating an Architecture for Innovation
• Establish creative and fun workspaces
• Launch idea labs and flexible commercialization processes
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Building an Architecture for Innovation
Build Creative and Inspiring Workplaces
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Building an Architecture for Innovation
Launch Idea Labs and Places to Try New Things
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Building Intrapreneurship Ecosystems
Talent Management for Innovation
• Educate for creativity and innovation
• Customize rewards to the individual
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Talent Management for Innovation
Educate for Creativity and Innovation
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Talent Management for Innovation
Customize the Reward to each Employee
Monetary Visibility More Challenging Tasks
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Building Intrapreneurship Ecosystems
Communication and Collaboration for Innovation
• Pivot ideas with stakeholders
• Leverage the network through open innovation
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Communication and Collaboration
Pivot Ideas with your Stakeholders
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Communication and Collaboration
Leverage Networks through Open Innovation
Co-‐Development
Venturing Co-‐Branding
Crowdsourcing
In-‐ & Out-‐Licensing Spin-‐Offs
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Building Intrapreneurship Ecosystems
Creating a Marketplace for Capital
• Build entrepreneurial processes to select winning opportunities
• Balance M&A activities with intrapreneurship
• Create an internal crowdfunding portal
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Creating a Marketplace for Capital
Create an Internal Crowdfunding Portal
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Concluding Remarks When building an Intrapreneurial Ecosystem, consider…
• Each ecosystem is unique à What is the USP?
• Developing an ecosystem requires a multi-stakeholder approach
• Intrapreneurship ≠ Entrepreneurship
• Bureaucracy blocks innovation
• Holistic implementation
• Coordination and supervision
• Focus on heroes first
• Intra(Entre)preneurial culture is the key!
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Readings: Vogel & Fischler-Strasak. Fostering Sustainable Innovation Within
Organizations: Building Intrapreneurial Innovation Ecosystems (Springer Publishing, 2014)
Vogel. Avoiding a Lost Generation: Turning the Youth Unemployment Crisis into
an Opportunity (Palgrave MacMillan Publishing, 2014)
[email protected] www.petervogel.org
@pevogel