Research conducted by EY and Censuswide of 1,000 business professionals reveals that many larger businesses are failing to harness the entrepreneurial talents of their employees, with only half of millennials employees feeling that their skills and attributes are being fully utilised.
Eight in ten respondents have previously had or currently have ideas that could create new opportunities or revenue for their organisation, but only half have said they’ve been able to implement their ideas in the workplace.
An entrepreneurial mind-set is often associated with small startup businesses. Whereas in reality, all organisations, regardless of size and scale, need people who can innovate, create and challenge the status quo,” says Steve Wilkinson, UK & Ireland managing partner for markets at EY.
Perhaps worryingly, just half of today’s workforce feels they can achieve their ambitions with their current employer. This lack of opportunities and challenges means that 64 per cent of employees believe they cannot achieve their career goals with their current employer.
Businesses are failing both to realise significant potential growth and failing to retain their entrepreneurial talent. We operate in a knowledge economy and in a competitive economic landscape it is essential for businesses to continue to innovate and stay ahead of their competition,” adds Rajeeb Dey, founder and CEO of Enternships.com and co-founder of Startup Britain. “In order to do this they need to embrace an entrepreneurial spirit and empower and support their employees to drive growth.
There are regional variations, however. The research shows that businesses based in London appear to embrace an entrepreneurial culture faster than other UK regions. Fifty per cent of respondents working in London feel their company has an entrepreneurial culture as opposed to 29 per cent nationally.