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Just hearing the term “family business” can bring to mind ideas of a mom-and-pop shop with a handful of employees, but taking a deeper look at the concept it’s possible to see how pervasive family-owned and operated businesses really are. Some of the world’s most recognizable companies are considered family businesses including Walmart and Samsung.
According to data from the U.S. Census Bureau, family businesses make up a staggering 90 percent of North American enterprises. These businesses also account for more than half of all employment in the U.S. (Fallon, 2015)
While that may be surprising to learn, it’s also shocking to learn that of those businesses only 5 percent of owners plan to have their enterprise remain a family business after they leave, and nearly 70 percent said they plan to completely close their business upon their departure. (Hiscox, 2014)
What many U.S.-based and global businesses are facing right now is really a perfect storm in terms of sourcing top talent to fill leadership positions.
What this means is that there are several events happening all at once, most of which are pointing to what many are citing as a shortage of people to fill organizational leadership roles. These events include:
For most businesses, small and large, payroll and the costs associated with maintaining human capital are the single largest expense (Bersin, 2014). With that in mind, it only makes sense to consider the return on investment when it comes to hiring and maintaining talent.
So how is that being accomplished?
Companies are increasingly turning to big data and what’s being dubbed “talent analytics.”
Big data and talent analytics are proving to be the optimal answer to address the biggest challenges many companies face: talent and labor shortages, and the increasing need to cut costs and improve overall efficiency.
As baby boomers are retiring in large numbers and businesses are seeing the need for not just talent, but skilled talent, they’re looking to data to help them make smart concise operating decisions. These decisions not only need to be concise, but they also need to have a discernible return on investment and that’s what the collection and analyzing of data can provide.
Harvard School of Business professor J. Sterling Livingston highlighted the importance of the Pygmalion effect in management back in 1969 in the following ways:
What’s Wrong with Performance Management & Annual Reviews?
The short answer to the above question is, “Plenty!” Few things in life produce more moans and groans in the workplace than the mind-numbing, fear-inducing ritual of annual performance reviews. In recent years, there have been calls for companies to free themselves from this burdensome practice. If you don’t believe that the performance review or performance management (PM) in general is in dire straits, see here.
Employee disengagement is a serious issue facing workplaces today, with 70% of employees feeling disengaged from their work. That lowers productivity, and businesses are losing as much as $550 billion a year because of it. That percentage of employees who are disengaged hasn’t budged much in recent years – in 2011 it was 71%.
Although the picture looks bleak, there are plenty of things any organization can do to boost retention and engage employees. Some of them require a good deal of effort and planning, but considering the staggering costs of employee turnover, don’t you think it’s worth it? What follows are ten of the best-kept secrets your company can act on to keep employees right where you need them – in your workplace.
Download this free whitepaper to learn how to Retention Secrets: How To Retain Your Best Talent
Succession planning is essential for any business or organization. Identifying people among your employees who can be developed to fill key leadership positions in the future is a great idea that makes good business sense. After all, studies show that promoting from within usually beats external hiring. However, developing potential leaders assumes an understanding of leadership that is all too often lacking in those charged with establishing succession planning. This white paper reviews different ways to define leadership provides an overview of a variety of approaches to leadership as well as a new leadership model that pulls it all together.
A guide to implementing and developing a mentorship program at your company
One of the biggest challenges faced by companies is retention. Once they’ve identified and attracted top talent, how do they keep them?
Retention is incredibly challenging in today’s workplace because the options for great talent are nearly limitless. Now, more than ever before, employees are changing positions, changing companies and even changing careers altogether and it’s easy for them to do so.
A Guide to Understanding How and Why Effective Recruitment and Management of Millennials is Vital to Your Organization’s Success
The Millennial Generation Defined
First, it was the Baby Boomers, then came Generation X, and now we’re in the midst of learning what the world is like as the Millennials take the reins.
Millennials, in their most technical form, are defined as young people born between 1982 and the early 2000s. Sometimes you’ll hear Millennial characterized as someone born as early as the late 70s, but that’s a more rare classification.
When we think Millennial, we most often think of those people that are either just beginning their careers now, or who are somewhere in the early stages of their careers.
Millennials have often faced negative stereotypes as they begin those careers, and despite our tendency to think this is novel, each generation has often faced friction from the one before as they’ve begun entering the workforce and social landscape.
One of the biggest impacts on a company’s competitive advantage is its workforce. The most forward-thinking businesses focus on the attraction and retention of top employees. Once smart and talented candidates have been recruited, their loyalty should be cultivated through aligned values and the support of sustained learning and career advancement.
This white paper examines the ways in which an organization can create and foster a sustained learning culture. It also explores the obstacles to establishing such an environment of learning, and ways to overcome them.
Download this free wwhite paperDeveloping a Culture of Learning
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