Family Businesses Have a Talent-Acquisition Advantage

📆 9/9/2022 10:04 PM
📰 HarvardBiz

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As family businesses look to prioritize growth, they must remain laser-focused on levers that will move their businesses forward, even in the face of economic uncertainty and global challenges. For these leaders, talent will play a key role in long-term success, and leaders must lean into the cultural values and integrity inherent to family businesses to help rise above and successfully attract and retain the talent they need to thrive in any market environment. This article covers four ways to turn trust into a competitive advantage.

, 71% of employees say they’re likely to leave a company if they lose trust in their employer and 22% of employees said they had left a job due to trust issues. Employees prioritize accountability, transparency, clear communications, and admitting to mistakes when defining what drives trust for them.Family businesses have historically had better retention rates than non-family firms

, but even their natural resistance to turnover will be tested by today’s competition for talent. Organizations that see this challenging environment as a unique opportunity to attract talent will be at an advantage. To deepen trust with current and potential employees, family businesses should:Be transparent about what your company stands for; how you support your people; how you champion diversity, equity and inclusion; and your ESG goals and progress — then get the word out.

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