Family businesses have unique advantages they can leverage in their retention efforts. Here are three.
A sense of “familiness” requires strong relationships among firm personnel. So, what can family firm managers do to build these relationships? Some simple steps are for family firms to provide more opportunities for socializing outside of work and to alter the design and layout of their. Open workplace designs have both benefits and drawbacks for productivity but are great for creating interaction and promoting relationships.
Family firms may also consider the implications of current trends toward working from home. In-person interactions are vital for fostering the relationships that provide family firms with unique advantages, including retention. Although the flexibility provided by remote work may offer some benefits, family firm managers should be aware of the effects on the family-like culture that are often vital to their firm’s competitive advantage and broader retention efforts.
To foster belonging — and reduce employee turnover — family business managers should ensure that workplace conditions allow their workforce to act like a family.Although nonfamily employees are the greatest flight risks, family businesses should not forget about family members employed in the firm. Family members have diverse motives for joining the business, and the assumption that they will stay forever is potentially faulty.
Our research suggests that despite the challenges family businesses have retaining talent, they also have unique advantages. Family firms should lean into those advantages by fostering a sense of togetherness and shared identity among company personnel. Doing so will create a productive workplace and help insulate employees from thoughts of quitting and the temptation of offers from other firms.
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