An "intrapreneurship" program, which lets employees act like entrepreneurs by developing new products or services, is an unconventional benefit that can help boost productivity and retention.
Intrapreneurship also offers career-development opportunities—something that many employees crave today and that drive decisions about whether to stay with an employer.
The benefits for employees from having an opportunity to engage in entrepreneur-like activities on the job are many. Staffing firm Randstad points to the opportunity to:
Employers also benefit, of course, especially if these intrapreneurship efforts lead to new product or service innovations.
The well-known story of the 3M employees who invented Post-it Notes—scientists Sheldon Silver, who developed the unique adhesive, and Art Fry, who devised the idea of using the adhesive on a small square note—is one of the best-known examples of successful intrapreneurship. Silver and Fry were able to use company time to flex their entrepreneurial muscle with company support; the company benefited—and continues to benefit—from the revenue their product brings in.
"3M's Post-It Note story is inspiring but can be misleading," said strategy consultant Andy Binns, co-founder of Boston-based Change Logic. "It encourages us to focus on...
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