Family businesses often have difficulty managing their human resources, especially when it concerns a family member or the transition from the founder to the successor. With close to 80 percent of U.S. employees work for family-owned or family controlled companies it’s critical for HR leaders to understand the uniqueness of family businesses and their many challenges.
The purpose of installing a bonus plan for your employees is to motivate them to help you pursue your goals.Whether your goal is to sell to a third party, transfer the business to children or to employees, or to retain ownership long-term, the success of your strategy may depend on the presence of motivated, high-performing key employees.
A strategic plan without a human resources component may not be very strategic at all. This article can help explain the importance of integrating human resources into your overall strategy.
by Leslie Dashew
Managers who evaluate family members' performance need the business leader's support and encouragement.
More than one million small businesses with 100 or fewer employees already offer workplace retirement savings plans – and offering retirement plans to your employees offers several advantages to your family business, not only to your employees.
Without rules and policies in place, family businesses increase the risk of poor hiring practices, unfair compensation practices, non-family employee resentment and much more.