Two fifths of businesses want to be ‘more entrepreneurial’, according to new research.
A recent report from Morgan Redwood found that 39 per cent of businesses regard ‘injecting a more entrepreneurial culture’ as the main priority when it comes to training and development.
"In today’s fast-paced business environment, businesses can’t afford to stand still," Janice Haddon, MD of Morgan Redwood, said. "They need to take advantage of whichever opportunities present themselves. With constant change a factor of the modern world, it’s becoming too much for one set of shoulders to bear. An entrepreneurial culture fosters the mind-set of spotting and developing new opportunities for business success throughout the company."
The report also found that on average businesses dedicate a fifth of their annual turnover to staff training and development – 'a considerable investment', Janice noted.
"It strongly suggests that businesses are keen on developing the talent of the staff already on their books,” she added. “Other elements of our study suggested that attracting top talent was the key HR issue. However, training spend suggests that development is also of high importance."
While establishing an entrepreneurial culture is top of the list of priorities for training and development, other priorities for businesses were encouraging greater teamwork within the organisation, and developing the leadership skills of the senior team.
"It’s interesting to see that the second and third places priorities indicate a focus on creating greater cohesion, developing both teamwork and leadership," Janice said. "They are hugely important traits within any workforce. Combining these with entrepreneurial drive makes for a potent, and potentially very successful, mix.
"Businesses need to keep on their toes. Entrepreneurs are enterprising and resourceful. Generating a strong theme of those characteristics within your organisation will set you in good stead to ensure you capitalise on any prospective opportunity."