How to attract and retain the best talent for family business?
Why do some family businesses succeed in attracting and retaining the best talent, while others struggle to do so? What really makes their performance in talent management so different? In our experience, what often distinguishes talent magnets from talent laggards is how well the family business leader appreciates the difference between people management and talent management. Many family-business leaders are very good at managing people and take great pride in it, but that is not the same as being good at managing talent.
Family business leaders usually excel at building personal relationships with a core group of employees, often on the basis of the employees’ loyalty as much as their capabilities. Leaders typically have had a hand in hiring these employees, know them and their families personally, understand their priorities, and help them develop professionally. However, most leaders don’t place the same personal emphasis on creating and institutionalizing systems and processes to develop talent in the broader organization, including among family members. Some family businesses may have talent management systems, but quite often they are not applied rigorously and consistently.
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