Download - Intra(Entre)preneurial Solutions to Recruit and Retain Tomorrow's Leaders

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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Targeted and Customized Graduate 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 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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Involve all Employees in Idea Generation

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Embrace a Culture that Accepts Failure

“Only those who dare to fail greatly can ever achieve greatly” – Robert Kennedy

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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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Talent Management for Innovation

•  Educate for creativity and innovation

•  Customize rewards to the individual

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Educate for Creativity and Innovation

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Customize the Reward to each Employee

Monetary Visibility More Challenging Tasks

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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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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