Family Business Editor
Interest: Management Ethics Leadership Family Business Entrepreneurship
Industry: Management of Companies & Enterprises
Interviewee:
Family business members and students can learn how professional human resources practices can minimize issues.
Family firms should use HRM practices that balance collaboration and monitoring for best results.
A strong leader can manage both the engineering and business teams, keep everyone focused on key objectives and communicate the project’s overall priorities.
Tight control or adaptability and collaboration? A hybrid of both approaches motivates best.
As work/life balance and alternative work arrangements grow, family businesses must work harder to keep non-family staff happy and attract new candidates.
Leaders must think about not only how much to pay managers, but also whether all should receive equal pay, whether merit plays a role, and how non-family executives should be compensated.
Sometimes the worst behavior happens for all the right reasons. Putting "family first" can jeopardize the business's health and longevity.