Incentives keep intrapreneurs working hard
Entrepreneurs start companies for either the opportunity make impact or the opportunity to make bank – or both. Since intrapreneurs share many traits with entrepreneurs, they too need incentives to keep them going.
While the challenge of the project may be good enough for many people (or good enough to start), other incentives need to be included somewhere along the line in order to keep intrapreneurship thriving in your company. If there are no incentives for intrapreneurship, employees will be less likely to step up over the long-term.
Types of incentives for intrapreneurs
Bonuses and other financial incentives
If the project that an intrapreneur is working on ties directly to money, they should capture some of the value. This could be in the form of a lump bonus for performance or in the form of a percentage of revenues.
When someone does a great job, let people know! There are many ways to recognize an employee, privately and publicly, that lets them know they’ve done a great job. This also lets others in the company know that intrapreneurship is valued.
Be careful, though, as recognition alone will seem fake over time if nothing else good actually happens to intrapreneurs at the company.
If someone is consistently providing value and solving problems, they could very well be a candidate for promotion. This could mean:
- A higher role in their department
- A lateral and vertical move in the organization
- A higher seniority of their current role (e.g. “Senior Analyst” instead of just “Analyst”)
Of course, a promotion should also come with both a pay bump and responsibility bump, otherwise it’s just a fake title.
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