Don’t Lose Your Year-End Bonus! Maximize It By Becoming An Intrapreneur

MoneyHere is some little-known information, and an innovation tool, that will help you get rewarded for your actions.

An intrapreneur is an internal entrepreneur. As an intrapreneur, you must begin to think and act like an owner or senior executive, even though you were originally hired to perform within a more narrow job description, which you’re probably already doing well enough. The purpose of this article is to help you immediately do one thing outside of your current assignment that will add surprising value to the company, thus qualifying you for a maximum year end bonus, or pay raise, or maybe even a promotion (if you can make this a habit). Sound good? Let’s go.

Intrapreneurs are innovators. They bring positive change in areas critical to the success of the organization. As an intrapreneur, you create value by innovating in one of four ways. You can:

  • Increase Revenues
  • Decrease costs
  • Streamline processes
  • Solve problems

Innovation opportunities abound in every organization, and you can engage in one of them right now through a simple, four-step process.

Step 1. Identify an innovation option that would add value. Look around. Ask your peers, subordinates, and superiors. Go online and explore these topics. It should take you about ten minutes to identify something that could be improved. We have taken thousands of people through this process in training sessions, and we have never seen a group come up short on innovation ideas.

Step 2. Create a professional-looking innovation proposal. You can do this using a free online tool that will make you look like a financial genius. This tool will automatically calculate key financial measures such as Implementation Cost, Break Even Point, Return on Investment, Internal Rate of Return, Net Present Value, and Sales Equivalency. If the numbers don’t look good, don’t submit the proposal. If there is value in your idea, you will have provided all of the financial information necessary for management to accept it.

Step 3. Get your proposal approved. I suggest that, rather than taking your idea to your direct supervisor, you should aim higher in the ORG chart. Minimally, you should take it to you boss’s boss, but the higher the better. That’s because there tends to be greater appreciation for business improvements with upper management. Also, when senior leaders recognize you for your intrapreneurial contributions, it’s easier for your boss to support your increased compensation. An alternate strategy would be to work together with your boss on your idea so you can share the credit and build a more collaborative relationship that will serve you both well in the future.

Step 4. Help implement your innovation. Improvement ideas are worthless without execution; therefore, you should act with a sense of urgency to turn your innovation proposal into real change that starts to add value. In cases where the implementation is assigned to someone else, or the time required to make the change is longer than you would like, you should still benefit from your efforts come bonus time.

Bottom line: Leaders need intrapreneurs that can improve the bottom line. You can do this right now to help ensure your year-end bonus, and you should also consider becoming a life-long intrapreneur in order to boost your career in the long run. -Forbes Magazine

7 Ways To Keep Your Employees Happy (And Working Really Hard)

Happy Face

It doesn’t matter what you build, invent or sell; your organization can’t move forward without people. CEOs, company founders and managers the world over know that keeping the teams beneath them moving forward together in harmony means the difference between winning and dying.

Prof. Leonard J. Glick, Professor of management and organizational development at Boston’s Northeastern University, teaches the art of motivating employees for a living. He let FORBES in on a few tips for entrepreneurs and managers looking to keep their people smiling and producing.

You’ve got to get employees to feel that they own the place, not just work there. “One of the principles of self-managed teams is to organize around a whole service or product,” Glick explained. In other words, make sure company personnel feel responsible for what the customer is buying.

One way to inspire that feeling is to have each member of a team become familiar with what other team members are doing, allowing them to bring their ideas for improvement to the table and have input in the whole process. If the roles are not too specialized, have your people rotate responsibilities from time to time. “It all contributes to a feeling of ‘it’s mine,’ and most people, when it’s theirs, don’t want to fail, don’t want to build poor quality and don’t want to dissatisfy the customer,” said Glick.

Trust Employees To Leave Their Comfort Zones

Few employees want to do one specific task over and over again until they quit or retire or die. Don’t be afraid to grant them new responsibilities—it will allow them to grow and become more confident in their abilities while making them feel more valuable to the organization.

Though managers might feel allowing their people to try new things presents a risk to productivity or places workers outside of their established place, it heads off other issues. “To me the bigger risk is having people get burnt out or bored,” explained Glick.

Keep Your Team Informed

Business leaders have a clearer perspective on the bigger picture than their employees do. It pays to tell those under you what’s going on. “Things that managers take for common knowledge about how things are going or what challenges are down the road or what new products are coming… they often don’t take the time to share that with their employees,” Glick said. Spreading the intel lets everyone in on the lay of theland and at the same time strengthens the feeling among workers that they are an important part of the organization.

Your Employees Are Adults—Treat Them Like It

In any business there is going to be bad news. Whether it’s to do with the company as a whole or an individual within the organization, employees need to be dealt with in a straightforward and respectable manner. “They can handle it, usually,” said Glick. If you choose to keep your people in the dark about trying times or issues, the fallout could be a serious pain in the neck. “The rumors are typically worse than reality. In the absence of knowledge people make things up.”

You’re The Boss. You May Have To Act Like It Sometimes (but be consistent)

Though this issue is affected by an organization’s overall culture, there are going to be times when you have to make a decision as a leader, despite whatever efforts you may have made to put yourself on equal footing with your personnel. “Ideally they have an open relationship but not necessarily are peers,” Glick said of the manager-employee relationship. “I think the worst thing is to pretend you’re peer… it’s the inconsistency, I think, which is the bigger problem.”

Money Matters (But Not As Much As You Think)

Compensation packages are a big deal when employees are hired, but once a deal has been struck the source of motivation tends to shift. “The motivation comes from the things I’ve been talking about—the challenge of the work, the purpose of the work, the opportunity to learn, the opportunity to contribute,” Glick explained.

When it comes to finding a salary that will allow your employees to feel they’re being paid fairly, don’t bend over backwards to lowball them. If you do, they will eventually find out and not be happy. “If the salary were open, is it defensible?”

Perks Matter (But Not As Much As You Think)

Some companies (we’re looking at you Google GOOG +0.21%) have received attention for offering lavish perks to their personnel – massages, free gourmet lunches, ping pong tables, childcare facilities – but, like money, these things tend to be less powerful motivators for workers than in-job challenges and the feeling of being a valuable part of a quality team that will recognize their contribution. A manager needs to understand that though those perks are great and release burdens from employees’ shoulders, they are not a substitute for prime sources of professional inspiration.

“I don’t think people work harder, work better because of those things,” said Glick. “It may make it easier for them to come to work, I understand that.”

– Karsten Strauss