Family Businesses Have a Talent-Acquisition Advantage – HBR.org Daily

by | Sep 9, 2022 | Business

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.

The workplace landscape looks entirely different than it did a few years ago. The combination of a booming economy, a global pandemic, and worker job dissatisfaction sparked the Great Resignation. Additionally, record low unemployment has given employees the advantage to be critical of employers, as well as mobile. Talent retention and acquisition are bigger priorities than ever for many companies, especially those focused on growth. Since it is likely that these challenges will persist, businesses will need an employee-centric strategy that’s built on trust and definitive action to win the war for talent.
Effective Talent Management is Key to Growth
In PwC’s February 2022 Pulse Survey, 92% of private companies indicated that hiring and retaining talent are very important to their growth. Talent retention and acquisition are also a priority for the next generation of family business leaders. According to PwC’s 2022 U.S. NextGen Survey, 75% of NextGens see tale …

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