It’s a critical moment for families holding businesses Given the value of job offering to them new points. Many families can hesitate because their recruitment at this career stage can be more based on genes and their name by specific skills or qualifications. In other words, it is nepotism.
This is not necessarily bad.
Yes, nepotism is far from American culture and public opinion. “Nepo Baby” is now firmly firmly in American Lingo thanks to nephenism in the entertainment industry. The Blues admission scandal and, more recently, Harvard’s inheritance lawsuit has only added to negative perceptions. This shadow is justified and neo -practices must always take into account.
But I put in a claim that nepotism, which is done with care and care, can be good in the family business – including workers who are not family members. Skeptical; Stay with me.
The benefits of nepotism to family businesses
The core of the argument of nepotism-may be the idea that the family business is intended to serve the family in addition to the need for the family to support the business. It is properly applied, a small part of nepotism ultimately serves both the family and the business. Here is.
– The work on family business members of the next generation providing substantial experience and exposure to business -related opportunities such as strategy, marketing, business, human resources and governance. Experience builds their resume and sets the foundation for the future. This is true even if they do not end up working for the family in the long run.
– Creating opportunities for the next generation shows to the wider family that the business provides benefits to family members beyond dividends. This is especially true for parents of shareholders who recognize that the business provides opportunities for their children to learn and develop, enhancing the desires to continue supporting the business.
– Effective nepotism improves the longevity of the business by helping to promote an emotional attachment to it between the next generation. Those who work there early are more likely to develop a personal connection to what it does and those it affects. The actual experience in the business can create an assessment of the importance of the business to many interested parties beyond the family, including employees, customers and the wider community.
– Cooperation with the business prepares next generation members for many future roles in the business. When looking at the first roles for the next generation, families should recognize that there are many future roles that the family can play: employment, management, leadership, participation in the Board, Family Council and Work at an institution. Immediate experience with the business provides information and skills to help them better perform any of these roles.
– Attracting the next generation activates the two-way assessment-for the new employee to measure how much they enjoy working with the business and for the business and the family to understand if the family member brings the right ability and character to the business, allowing them to catch the rising stars.
– The new nepotism that took place on the right marks the importance of the family in the broader ecosystem and the community in which the business operates. Customers and suppliers will probably feel more confident that the business will continue in the future as they know the next generation and see that they are actively preparing to operate.
– Members of the next generation brought the business the opportunity to work together and be guided by the key stakeholders: Management, Managers, Customers and Suppliers. If these family members are likely to join the business later, it is better for them to get to know these people and build strong relationships with them earlier.
But to reap all of these benefits, nepotism in family businesses must be done correctly.
4 moves to do it right
Following are practical steps to exercise strategic, effective nepotism in family businesses.
– Do it on purpose. I do not support the painting of the family business with a wide -ranging brush or the exercise of nepotism for the sake of nepotism. This is about understanding the advantages you are looking for, then selectively choosing people and settings more likely to bring them.
– Think in the short term. A customer service practice for members of the Gymnasium or College family. A part -time job on the factory floor. A two -year rotation program for new entrants. Work should not be a long-term role at the management level-countering them for family members who fulfill more stringent family employment policies.
– Use your business network. As an alternative to immediate employment in the family business, consider posting a next -generation member with a supplier or customer of the family business. Family businesses in the same ecosystem could even have mutual regulation.
– Maintain accountability. Providing opportunities with your business connections does not need to entail a special privilege. Set clear expectations and objectively measure the performance of anyone hired under this setting. This will help them learn what to expect in later roles inside or outside the family business. In addition, it can help both the business and the next generation member make the best decisions for the future.
A personal perspective
Looking back, I owe enormous thanks to my father for recruiting my first year just outside the college, not to mention the many jobs in high school with family business customers who stayed on my way. I can link most of my career opportunities, as well as my interest in this area, to the experience it gave me. In addition, it strengthened our relationship.
Strategic nepotism can be good in the family business. Do not be afraid to welcome these new graduates in short, structured roles, with clearly understandable expectations. Carefully, these arrangements provide greater benefit to both family and businesses than avoiding the question by turning the next generation away.
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This article first appeared in Inc.
