Growth is a priority for family businesses, so in the face of economic uncertainty and global challenges, they must remain focused on ways to move their business forward. For these leaders, talent plays a key role in their long-term success. Leaders must be committed to the cultural values and integrity inherent in family-run businesses and be successful in attracting and retaining the talent necessary to succeed in any market environment. In this article, she explores four ways to turn trust into a competitive advantage.
The workplace landscape looks very different than it did a few years ago. A booming economy, a global pandemic, and workers’ dissatisfaction with their jobs have combined to trigger a wave of resignations. Additionally, record-low unemployment rates allow employees to be not only mobile, but critical of their employers. Talent retention and acquisition is more important than ever for many companies, especially those focused on growth. These challenges are likely to continue, and companies must adopt employee-centric strategies built on trust and decisive behavior to win the talent war.
Effective talent management is the key to growth
In PwC’s February 2022 Pulse survey, 92% of private sector companies say talent recruitment and retention are very important to their growth. Talent retention and acquisition is also a priority for the next generation of family business leaders. PwC’s 2022 U.S. NextGen Survey Finds 75% of NextGens Make Talent Acquisition, Management and Retention a Key Priority Over the Next Two Years Following the Unprecedented Impact of Covid-19 and Subsequent Labor Market Movements regarded as a matter.
Benefits of a family business
According to the 2022 Edelman Trust Barometer, family-owned businesses are the most trustworthy businesses, and have been for the past nine years. Sixty-seven percent of respondents say they trust family-run businesses. For listed companies, state-owned enterprises he is 52%. Family businesses earn this credibility through their well-defined purpose and strong values that are the foundation of their organization and come from their family owners. These values often include a commitment to have a positive impact on employees and communities and to act as a socially and environmentally responsible company. As employees seek more meaningful work, being part of a family business provides an opportunity to put their values into action, making the time and energy they spend at work more valuable. Become.
Family businesses can leverage this inherent advantage to win the talent war and drive growth. To do that, we must prioritize building and nurturing trust and focus on what matters most to our employees.
Relationship between trust and talent
Trust has become essential to attracting and retaining top talent. When companies lose trust, they are more likely to lose their employees. But business leaders often overestimate the trustworthiness of their employees. His recent PwC survey found that 84% of business leaders say their employees have high trust, compared to his 69% of employees. This gap can have negative consequences, such as lower employee retention rates and a negative impact on a company’s bottom line.
And the stakes are high. According to PwC’s U.S. Business Trust Survey, 71% of employees say they are more likely to leave a company if they lose trust in their employer, and 22% of employees say trust issues are the reason He said he quit his job at Employees prioritize accountability, transparency, clear communication and admitting mistakes when defining what creates trust.
Turn trust into a competitive advantage
Family businesses have historically shown higher retention rates than non-family businesses, but even their natural resilience to turnover is tested by today’s talent competition. Organizations that see this challenging environment as a unique opportunity to attract talent will be at an advantage. To build trust with current and future employees, family businesses should:
1. Lead and communicate with transparency.
Be transparent about what your company stands for. how to support people How do we champion diversity, equity and inclusion? And let us know your ESG goals and progress. According to PwC’s 2021 family business survey of him, only 23% of respondents said they had developed and communicated a strategy around ESG goals. There is activity, but companies are lagging behind in how they communicate their overall strategy and progress. Communicate with potential and existing employees using existing channels, including NextGen.
2. Break down silos and foster collaboration.
Employees need to understand the impact on the business as a whole. Break down the silos that block the flow of information for employees as they strive to create a coherent experience. We welcome new ideas and encourage creativity and collaboration across the organization. When employees feel that their voices are being heard, it builds trust within the business. For example, in a family business that has been in operation for over a century, his 150 out of 400 employees are involved in the long-term strategic planning process, resulting in a greater diversity of ideas and a greater diversity of ideas to execute strategies. You get a dedicated group of
3. Prepare for trust as you grow.
PwC’s US Trust in Business Survey also revealed that 75% of business owners focus on their employees to build trust. However, when it came to specific steps, only 37% of them undertook significant trust-building activities, such as developing a crisis communication plan or forming a trust steering committee. Consider how trust practices like listening sessions and pulse surveys need to evolve as your business grows.
4. Integrate ESG into operations.
Look for opportunities to factor in ESG initiatives that can have a positive impact on your business and the outside world. Many employees want to work for a company focused on making the world a better place, and companies that prioritize ESG can increase employee engagement. The family business has made ESG a priority for him long before it became a hot topic. It is critical that organizations take a data-driven approach to these activities to calculate and communicate their impact. Start by reporting what you’ve already done, because past results reinforce your present message about your plans for the future.
Commit to values and integrity
Growth is a priority for family businesses, so in the face of economic uncertainty and global challenges, they must remain focused on ways to move their business forward. For these leaders, talent plays a key role in their long-term success. Leaders must be committed to the cultural values and integrity inherent in family-run businesses and be successful in attracting and retaining the talent necessary to succeed in any market environment.
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