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Family run businesses are unique. How they operate, how they are structured, and who they employ can be very different from traditional small businesses. When a company is run by a family, there is a certain shared vision and values that are inherent to the business. But this can be affected when it’s time for the company to grow.
One of the key challenges family run businesses face is knowing when and how to recruit outside talent. There often comes a time when you will need more than family and close family friends to run the business to take things to the next level.
Hiring an outsider is difficult for many family run businesses. It can be tough to let someone into your inner circle. Here are key recruiting challenges for family run businesses:
Family businesses have a certain perception. Many professionals are cautious about applying for jobs with these types of businesses because they fear there will be limited career advancement, there may not be long term job security, and there isn’t a well-defined company structure.
If you want to attract top talent, you need to take steps to shed this perception. One way to do this is to hire a professional recruiter to help you improve your hiring process.
Retention is an issue with all businesses, but with smaller family businesses it can be even more challenging to keep good talent for a number of reasons. Many company owners have a difficult time letting go of the reins. They don’t give full and complete trust. Authority often gets overridden, and favoritism and accountability often become issues with family and non-family members of the business.
Family businesses have a unique company culture. Family businesses and family core values and beliefs often overlap. How you run your family can affect how you run your business, interact with customers, employees and the type of people you hire. It’s important to hire people who not only have the skills and abilities you need to help run your business. They also need to have a personality and personal values that mesh with your family and business.
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.
Priscilla is a Recruitment Consultant whose primary focus is recruiting for contract positions within the IT, Finance, and HR functions. With more than four years of experience as a specialized contract recruiter, within the IT & Finance sectors, Priscilla truly enjoys what she does. She loves that recruitment allows her to meet amazing new people every day, and is thrilled when she can make someone’s day by letting them know they GOT THE JOB!