The war for talent will benefit family businesses
After years of frustration, US family businesses have a golden opportunity to recruit talent, previously siphoned off by the technology and venture capital companies. According to Wingspan Partner Liza Truax, interviewed for this article in Family Capital, Family businesses have been fighting firms with limitless capital. An awful lot of growth has been held back, primarily from their inability to get the right people though the door.” But many talented people are now recognizing the perks of working for a family business that is less hectic and more accommodating of needs, preferences and values than a more corporate environment:
“They want flexibility but also a job that makes them feel they are part of something that matters…A lot of family businesses are pillars of their local community. Sustainability is a big part of their approach.” All this offers opportunities for recruitment – if family businesses are willing to harness this trend through better incentives.