Businesses in Quebec and Canada are grappling with a significant slowdown in their productivity, coupled with staff retention efforts. To positively stimulate these two crucial aspects, intrapreneurship is a lever.
Bank of Canada Deputy Governor Carolyn Rogers recently sounded the alarm by declaring that the “poor record” of Canadian business productivity is “a problem that has gone on for too long.” Indeed, productivity at work is generally decreasing, mainly due to a lack of investment in equipment and innovations.
Canada’s productivity is stagnating compared to its partner countries, which could ultimately push the national inflation rate upwards. In a situation of chronic low productivity, intrapreneurship can greatly stimulate businesses in Quebec and Canada.
Intrapreneurship consists of letting certain members of staff engage in exploring new avenues or developing innovative solutions that will contribute to the long-term development of the company.
This may involve imagining a new product to put on the market, implementing an additional service to offer or even implementing more efficient and profitable processes.
At the basis of intrapreneurship within a company, as is the case for entrepreneurship, we find one of the most beautiful human qualities: creativity. And in business, creativity means great potential. To achieve this potential which will lead to greater productivity, we must first recognize and accept certain aspects of intrapreneurship.
If your staff has the desire to see an innovative project through to the end, you must also provide them with the resources and training necessary to refine and apply their existing and new skills. The company must analyze needs and help its team not only explore, but also exploit the innovation to be developed. This is the founding structure of successful intrapreneurship.
A budget and hours
In addition, senior management must fully support the project by allocating a budget and a bank of hours to be seen as investments. Productivity from a successful project will translate into new revenue. Management must also accept the first failures while their team is in the exploratory phase. Failures allow you to understand what works best and lead to a better outcome.
Another important factor, but sometimes poorly appreciated: companies that launch intrapreneurship projects must never underestimate the motivation, commitment, creativity and will that such projects arouse in their staff.
People are curious by nature, especially when it comes to developing innovative concepts at the heart of their profession. Furthermore, thanks to the simplification and accessibility of digital technologies and artificial intelligence, it is now possible to push ideas very far, without necessarily having advanced skills in these areas.
Note, while the labor shortage and staff retention are very important issues, intrapreneurship projects are great sources of personal motivation and professional development among employees. The situation promises to be a win-win for both the company and the members of the teams responsible for exploring and innovating internally.
Intrapreneurship thus contributes in various ways to increasing the productivity of companies by encouraging development, innovation, growth, retention, as well as the need to do better with less, particularly in a context of restricted consumption. All elements that Quebec and Canadian businesses greatly need.
The time has come to warmly welcome intrapreneurship in order to truly revive, and finally regain, the productivity of the companies that made our reputation.
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