The Great Resignation has made it increasingly difficult to retain and hire talent. Companies everywhere need to urgently strengthen their talent management, and family firms are no exception.
How Family Businesses Can Compete for Talent
The global workforce is transforming. Family firms are uniquely positioned to beat out the competition.
September 20, 2022
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Summary.
The Great Resignation has created a never-before-seen level of difficulty in hiring and retaining top talent. Traditionally long-term-oriented, financially conservative family firms with uniquely loyal workforces now find themselves in the vortex of an unprecedented reshaping of global industries, financial volatility, and employee empowerment. But with change comes opportunity. In today’s unpredictable environment, family firms have a unique chance to leap away from their competitors (both family-owned and public) for decades to come, by sticking to four key imperatives: 1.) think carefully before making changes at the top; 2.) identify, retain, and better develop your high potentials; 3.) check compensation packages for competitiveness; and 4.) decisively launch a focused hiring effort.