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

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.

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Intra(Entre)preneurial Solutions to Recruit
and Retain Tomorrow’s Leaders

Dr. Peter Vogel
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
www.petervogel.org
I: Youth Labor Market Crisis

www.petervogel.org
Youth Unemployment vs. War for Talents
Youth Unemployment
•  75m young people officially unemployed
•  (ILO, 2013)
•  Particularly high in developed world

War for Talents
•  Only a myth as predicted in 90s? Yes & no
•  One in three employers have difficulties
finding qualified personnel (Manpower)

www.petervogel.org
Youth Unemployment Europe

24%	
  

	
  
+	
  58%

Data Source: Eurostat
Youth (< 25 years)

www.petervogel.org
Youth Unemployment OECD

Data Source: OECD (Feb 2012)

www.petervogel.org

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

  • 1. Intra(Entre)preneurial Solutions to Recruit and Retain Tomorrow’s Leaders Dr. Peter Vogel
  • 2. 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 www.petervogel.org
  • 3. I: Youth Labor Market Crisis www.petervogel.org
  • 4. Youth Unemployment vs. War for Talents Youth Unemployment •  75m young people officially unemployed •  (ILO, 2013) •  Particularly high in developed world War for Talents •  Only a myth as predicted in 90s? Yes & no •  One in three employers have difficulties finding qualified personnel (Manpower) www.petervogel.org
  • 5. Youth Unemployment Europe 24%     +  58% Data Source: Eurostat Youth (< 25 years) www.petervogel.org
  • 6. Youth Unemployment OECD Data Source: OECD (Feb 2012) www.petervogel.org
  • 7. Youth Unemployment Worldwide Source: ILO (2013) www.petervogel.org
  • 8. Youth Unemployment: Lost Generation www.petervogel.org
  • 9. Youth Unemployment: Causes Generational Change Lacking Experience Aspirations Biased Self-Evaluation No Perspective Skill Mismatch No Guidance Crisis Baby Boomers Lack of Credibility No Career Vision Increased Productivity www.petervogel.org
  • 10. Causes & Drivers: Mismatch www.petervogel.org
  • 11. II: Understanding the Next Gen www.petervogel.org
  • 13. Evolution   Revolution   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 Revolution   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 www.petervogel.org
  • 14. 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 www.petervogel.org
  • 15. Digital Natives – Career Choices © Jobzippers www.petervogel.org
  • 16. III: Recruit & Retain Tomorrow‘s Talents www.petervogel.org
  • 17. 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 www.petervogel.org
  • 18. By now you all should have this... 28 million fans 1 message, 28 mio readers…   Jobs in Social Media Spread the jobs   www.petervogel.org
  • 19. New Ways of Talent Recruiting www.petervogel.org
  • 20. New Ways of Talent Recruiting Targeted and Customized Graduate Recruiting   www.petervogel.org
  • 21. New Ways of Talent Recruiting www.petervogel.org
  • 22. 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 … . . . www.petervogel.org
  • 23. 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 www.petervogel.org
  • 24. Embracing Entrepreneurship as a Career 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. Employers can harness this potential by embracing entrepreneurship www.petervogel.org
  • 26. Building Intrapreneurship Ecosystems © The Entrepreneurs’ Ship® www.petervogel.org
  • 27. 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 www.petervogel.org
  • 28. Building a Culture of Innovation (1/3) Honest Company Values Netflix Corporate Values www.petervogel.org
  • 29. Building a Culture of Innovation (2/3) Involve all Employees in Idea Generation www.petervogel.org
  • 30. 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 www.petervogel.org
  • 31. Building Intrapreneurship Ecosystems Creating an Architecture for Innovation •  Establish creative and fun workspaces •  Launch idea labs and flexible commercialization processes www.petervogel.org
  • 32. Building an Architecture for Innovation Build Creative and Inspiring Workplaces www.petervogel.org
  • 33. Building an Architecture for Innovation Launch Idea Labs and Places to Try New Things www.petervogel.org
  • 34. Building Intrapreneurship Ecosystems Talent Management for Innovation •  Educate for creativity and innovation •  Customize rewards to the individual www.petervogel.org
  • 35. Talent Management for Innovation Educate for Creativity and Innovation www.petervogel.org
  • 36. Talent Management for Innovation Customize the Reward to each Employee Monetary   Visibility   www.petervogel.org More Challenging Tasks  
  • 37. Building Intrapreneurship Ecosystems Communication and Collaboration for Innovation •  Pivot ideas with stakeholders •  Leverage the network through open innovation www.petervogel.org
  • 38. Communication and Collaboration Pivot Ideas with your Stakeholders www.petervogel.org
  • 39. Communication and Collaboration Leverage Networks through Open Innovation Co-­‐Development   Venturing   Co-­‐Branding   Spin-­‐Offs   In-­‐  &  Out-­‐Licensing   Crowdsourcing   www.petervogel.org
  • 40. 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 www.petervogel.org
  • 41. Creating a Marketplace for Capital Create an Internal Crowdfunding Portal www.petervogel.org
  • 42. 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! www.petervogel.org
  • 43. 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) peter.vogel@entrepreneursship.org www.petervogel.org @pevogel www.petervogel.org