Unleashing the Power of HRM for Fostering Entrepreneurial Success in the Future of Work

1. Unleashing the Power of HRM for
Fostering Entrepreneurial Success
in the Future of Work
Dr. Preeti Bhaskar
University of Technology and Applied Sciences, Ibra, Oman
30 June 2023

2. What is the future of work?
The ‘future of work’ describes predictions about what work habits, places, and practices might look
like in the coming decades.
Many trends that are changing workplaces, workforces, and the nature of work
Pandemic accelerated those trends almost
overnight and forever changed how we look
at the workplace of the future.

3. ELEMENTS
Source : https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/what-is-meant-by-the-future-of-work.aspx

4. ELEMENTS
• 71% of executives plan to spend more on
Artificial intelligence in the coming year
Deloitte survey (2020 )
• 86% of executives surveyed expect to see AI
becoming a mainstream technology in their
businesses (PWC reporting, 2022)
According to a 2019 Oxford Economics study,
in the next 20 years, global robot production
will increase at an even more rapid rate,
reaching 20 million by 2030.
88% of small business owners say automation
allows their company to compete with larger
companies (Zapier,2021).
The top five industries in terms of integration use
are: startups, agencies, marketing, education, and
customer service (Paperform, 2022).

5. ELEMENTS
org/resourcesandtools/tools-and-samples/hr-qa/pages/what-is-meant-by-the-future-of-work.aspx
Gig workers are independent contractors, online
platform workers, contract firm workers, on-call
workers, and temporary workers
Gig workers has steadily rise, expanding by over
15% since 2010 ( ADP report, 2020).
India’s gig workers may service 90 million jobs in
next 8-10 years (Mint, 2021)
Crowdsourcing is a practice of obtaining ideas,
services, solutions, or content from an individual or
group of people (the crowd). People involved in
crowdsourcing sometimes work as paid freelancers,
while others perform small tasks voluntarily.
businesses look to social media platforms like Twitter,
Facebook, and Instagram to gather ideas for new
products and services.
Netflix uses crowdsourcing to help improve its
entertainment platform.It launched the Netflix Prize
competition to see who could improve Netflix's
algorithm to predict user viewing recommendations and
offered the winner $1 million

6. ELEMENTS
-and-samples/hr-qa/pages/what-is-meant-by-the-future-of-work.aspx
Remote workers are earning almost $8,600 more
on average than their in-office peers (Fortune, 2023)
41% of workers will continue to work remotely on
an indefinite basis (Gartner, 2020)
A fluid work schedule is a flexible arrangement
where the specific working hours and location can
vary or be adjusted based on individual needs,
project requirements, or personal preferences.
This system allows companies
to bring in people just for the short Term for new
projects
A collocated workspace refers to a physical office
or workspace where individuals from different teams
or organizations work together in the same location.
It is a shared space where employees or
professionals from various companies or
departments come together to collaborate,
communicate, and work on their respective tasks or
projects within the shared office

7. Future of work is reshaping the
entrepreneurial landscape in
several ways, creating both new
opportunities and challenges for
entrepreneurs

8. Shaping the Entrepreneurial Landscape in the Future of Work
Digital
Disruption
• Technological
advancements, such
as automation,
artificial
intelligence,
ChatGPT, big data
analytics, are
disrupting industries
and business models.
• This disruption
creates openings
for entrepreneurs
to leverage
emerging
technologies and
develop innovative
solutions that
address evolving
market needs.
Remote
and
Flexible
Work
• The future of work is
characterized by a shift
towards remote and
flexible work
arrangements. The rise of
remote work, freelancing,
and the gig economy has
created a more flexible
and decentralized
workforce.
• Entrepreneurs can
tap into this trend
by building virtual
teams, accessing
talent from around
the globe, and
adapting their
business models to
accommodate
flexible work
arrangements.
Gig
Economy
and
Freelancing
• The rise of the gig economy
provides entrepreneurs with
access to a pool of freelance
talent, enabling them to
assemble project-specific
teams quickly.
• Entrepreneurs can
leverage freelancers for
specific tasks or
projects, reducing
overhead costs and
gaining access to
specialized expertise.
• The gig economy also
offers opportunities for
entrepreneurs to launch
platforms or
marketplaces that
connect freelancers
with clients, fostering
entrepreneurship
within the ecosystem.
Changing
Consumer
Expectations
• Consumer preferences
and expectations are
evolving, driven by
digitalization and
changing demographics.
Entrepreneurs need to
understand and cater to
these changing
preferences to remain
competitive.
• There is a growing
demand for
personalized
experiences,
sustainability, social
responsibility, and
digital integration,
offering entrepreneurs
opportunities to
innovate and
differentiate their
offerings

9. HRM: Enabling Entrepreneurial Innovation
HRM's role in supporting entrepreneurial initiatives and
contributing to entrepreneurial endeavors
Real-world examples of organizations successfully
integrating entrepreneurship, innovation, and HRM
Real-Life Company Tales: How Poor HRM Practices
Led to Startup Catastrophes

10. Article link: https://www.samas.icu/how-poor-human-resources-management-can-lead-to-failure-for-startups/
Joey V. Price is the founder and CEO of Jumpstart:HR. The company offers HR outsourcing and consulting for startups and small
businesses.
Joey V. Price - a recent SHRM Top 30 Under 30 awardee. His HR and Career Management expertise has been featured in publications
such as Forbes.com, Inc.com, SHRM's HR Magazine, Workforce Management Magazine, and more.

11. Real-Life Company Tales: How Poor HRM Practices Led to Startup
Catastrophes
TinyOwl
• TinyOwl was an Indian food delivery startup that faced significant challenges and eventually shut down in 2016. Poor HRM
practices were cited as one of the factors contributing to its failure.
• During its operations, TinyOwl faced employee protests and labor disputes. There were reports of non-payment of salaries,
layoffs without proper compensation, and a lack of transparency in communication. These issues led to a deteriorating work
environment, low employee morale, and a decline in overall performance. The company struggled to manage employee relations
effectively, contributing to its downfall.
Askme.com
• AskMe was an Indian online classifieds and marketplace platform that ceased operations in 2016. Poor HRM practices were
identified as one of the reasons behind its failure.
• Employees of AskMe reported delayed salaries, non-payment of dues, and a lack of transparency from the management. The
company faced a severe cash crunch, which further exacerbated the HR-related issues. The poor HRM practices, including financial
mismanagement and lack of employee support, led to a breakdown in trust and negatively impacted the company's ability to
sustain its operations.
Stayzilla
• Stayzilla was an Indian online marketplace for booking homestays and alternative accommodations. The startup gained popularity
and raised significant funding, but it faced challenges that led to its shutdown in 2017. Poor HRM practices were identified as one of
the contributing factors.
• Reports suggested that Stayzilla had a toxic work environment with a lack of clear communication and a high-pressure culture.
Employees reported instances of intimidation, harassment, and non-payment of salaries. The company's CEO was arrested in
connection with a case filed by a vendor, which further added to the negative image of the company. The poor HRM practices,
including the reported mistreatment of employees, damaged the company's reputation and resulted in a loss of trust.

12. HRM's role in supporting entrepreneurial initiatives and contributing to
entrepreneurial endeavors
Talent acquisition and
recruitment
• Attracting and selecting the right
talent for entrepreneurial initiatives to
thrive in an entrepreneurial
environment.
Building an entrepreneurial
culture
• Fostering a climate of innovation,
encouraging creativity, and promoting
a mindset that embraces calculated
risk-taking.
• By investing in employees' Training
and development, HRM ensures that
employee have the necessary skills to
contribute effectively to
entrepreneurial initiatives.
• Provide opportunities for employees
to explore entrepreneurial roles within
the organization, such as leading new
initiatives or intrapreneurial projects.
Performance management and
rewards
• HRM can design performance
evaluation methods that focus on
outcomes, innovation, and initiative-
taking, rather than solely relying on
traditional measures like meeting
targets or following predefined
processes. HRM can design provide
reward systems for innovative idea or
initiatives that support
intrapreneurship and entrepreneurial
endeavors
Change management and
organizational agility
• Entrepreneurial initiatives often
involve navigating change and
uncertainty. HRM plays a vital role in
change management by supporting
employees through transitions,
facilitating open communication, and
creating an agile organizational
structure that can adapt to evolving
market conditions.
• HRM professionals act as change
agents, helping employees embrace
new ideas, processes, and
technologies.

13. From Ideation to Success:
Real Case Examples Showcasing the Power of HRM-Driven Entrepreneurship in India"
Flipkart introduced the "Intrapreneurship Program," which allows employees to work on their own
entrepreneurial ideas within the company. This initiative promotes a culture of innovation, empowers
employees to take risks, and nurtures their entrepreneurial spirit.
Zomato offers its employees stock options, allowing them to become stakeholders in the business. This strategy
not only attracts and retains top talent but also aligns the employees' interests with the long-term success of the
company. Zomato's HRM practices foster entrepreneurial mindset among employees had contributed to the
growth and sustainability of Zomato
OYO conduct recruitment drives at top management institutes to attract entrepreneurial talent.
Additionally, OYO invests significantly in training and development programs for its employees, providing
them with the necessary skills and knowledge to excel in the dynamic startup environment. These HRM
practices have played a vital role in OYO's expansion and establishment as a leading player in the hospitality
industry.
Freshworks, a software-as-a-service (SaaS) company encourages employees to take ownership of their
projects and provides them with the autonomy to make decisions. Freshworks also promotes cross-
functional collaboration and idea-sharing through initiatives like hackathons and innovation challenges.
These HRM practices have not only led to the development of innovative products but have also fostered a
sense of intrapreneurship among employees.

14. Collaborative
Ecosystems
• Entrepreneurial
ecosystems are
flourishing,
comprising
incubators,
accelerators,
coworking spaces,
and startup
communities.
• These ecosystems
provide support,
mentorship, and
networking
opportunities for
entrepreneurs,
fostering
collaboration,
knowledge exchange,
and access to funding.
Innovation
and
Creativity
• In the future of work,
innovation and
creativity are highly
valued. Entrepreneurs
who can bring fresh
ideas, disrupt
established industries,
and develop novel
solutions have a
significant advantage.
• There is a growing
demand for
entrepreneurial
thinking within
organizations as well,
leading to the rise of
intrapreneurship.
Agile
and
Lean
Approaches
• Traditional business
models are giving
way to more agile and
lean approaches.
• Entrepreneurs are
embracing
methodologies like
lean startup and
design thinking,
enabling them to
iterate quickly, gather
customer feedback,
and pivot as needed.
• This allows for faster
experimentation,
innovation, and
adaptation to market
demands.
Changing
Skill
Requirements
• As the nature of work
evolves,
entrepreneurs need to
continuously upgrade
their skills and adapt
to new technologies
and market dynamics.
• Lifelong learning and
upskilling are crucial
for entrepreneurs to
stay relevant, seize
emerging
opportunities, and
navigate challenges.
• Entrepreneurs can
leverage online
learning platforms,
industry networks,
and mentoring
programs to enhance
their knowledge and
capabilities.
Promote
diversity
and
inclusivity
• Recognize the
importance of
diversity and
inclusivity in
entrepreneurship.
Embracing diverse
perspectives,
backgrounds, and
experiences can fuel
innovation and lead to
more successful
businesses.
• Creating initiatives
and programs that
promote diversity in
entrepreneurship can
help ensure equal
access to
opportunities for
individuals from
different genders,
ethnicities, and socio-
economic
backgrounds.
Nurturing Entrepreneurial Success in the Future of Work

15. Conclusion
•HRM can ……
Identify and nurture entrepreneurial talent within the organization.
•Create a culture of innovation and risk-taking.
•Attract individuals with an entrepreneurial mindset through effective
recruitment.
•Provide training programs for entrepreneurial skills development.
•Empower employees to pursue innovative ideas (intrapreneurship).
•Offer flexible work arrangements for entrepreneurial pursuits.
•Foster collaboration and knowledge sharing.
•Establish incentive systems to motivate entrepreneurial behavior.
•Promote diversity and inclusion for innovative thinking.
•Evaluate and provide feedback for continuous learning.
•Leverage technology and data analytics for entrepreneurial
initiatives.
Unleashing the Power of HRM for
Fostering Entrepreneurial Success in the
Future of Work

16. Thank You

17. Dr. Preeti Bhaskar
University of Technology and Applied Sciences, Ibra ,Oman
Preeti.bhaskar52@gmail.com or
preeti.bhaskar@utas.edu.om
https://scholar.google.co.in/citations?user=RXkVRWM
AAAAJ&hl=en
https://www.researchgate.net/profile/Preeti-Bhaskar
https://www.linkedin.com/in/preeti-bhaskar-
a8242a25/
https://www.slideshare.net/preeti52
https://www.instagram.com/preety.bhaskar/?hl=en
https://www.facebook.com/preeti.bhaskar.9
Unleashing the Power of HRM for Fostering Entrepreneurial Success in
the Future of Work