Family business dynamics: People
The personal side to business
Talented people are the backbone of any great business. Having the right people in place can mean the difference between survival and success.
Like any business, family businesses must grapple with finding the right people to fill many of the critical roles within the organization.
While family members may have assumptions around their role in the business, they may not be adequately prepared to take on the responsibility. Without the right policies in place, family businesses run the serious risk of making decisions that do not consider both the family dynamics and solid business principles.
Bringing in external talent can be just as challenging. The competition to hire and retain good people can be fierce. While family businesses must navigate the same hyper-competitive “war for talent” environment that other non-family run businesses face, a scarcity of skilled labor can feel like an overwhelming barrier.
Family businesses face unique challenges that require balancing the needs of the business with the expectations of the family. By removing the emotion and developing a people strategy that fits your business, you can create an equitable environment where everyone has the opportunity to thrive.
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