Hiring, Firing and Retaining – Issue 43, August 2019

tharawat magazine issue 43

Like any other business, a family firm is no more and no less than the sum of its human capital. The diverse skills an organisation’s talent brings to the boardroom table, shop floor and front desk are the pillars and buttresses of business sustainability. The interpersonal relationships that define the collaborative potential between these employees are the joinery enabling a company to adapt to an environment in flux while staying true to its values. Unlike other businesses, however, family-owned companies contend with the added advantage or disadvantage of family involvement usually on both the operational and ownership level of the company. This has consequences for talent management as it leads to family businesses facing particular challenges such as creating policies on family member hiring, attracting the next family generation to the business or the delicate situation of having to fire a family member.

Success, therefore, is dependent on utilising the various aptitudes of those in the family business and ensuring the health of their relationships to cultivate an environment that fosters productivity, innovation and general well-being. Talent management, whether it is attracting and retaining the best talent, letting go of those who decide they no longer wish to contribute or even doing the requisite self-work as owners to ensure we are contributing at the highest possible level, is a critical task. We are kicking off our Summer 2019 issue with a Special Feature entitled Hiring, Firing and Retaining – The Ins and Outs of Talent Management in the Family Business.

In this issue we have family business stories and contributions from Peru, Australia, Spain, Canada, Sri Lanka, Sweden, Hong Kong, the US, the Philippines as well as an examination of Sibling Rivalry by four experts.

Special Features: Hiring, Firing and Retaining

Quentin Fleming knows the tact that family businesses must exercise when hiring or firing family members. As a small-business consultant, Quentin Fleming discovered that family dynamics are essential when it comes to family business talent management. These dynamics become tenuous...
Jack Mitchell, along with his brother Bill, grew their parents’ speciality clothing store, Mitchell Stores, into a model for international, multi-generational family business success. Not only do Mitchell's employees know their customers' names, but they also know their birthdays, hobbies...
When the economic recession hit America's industrial heartland, second-generation owner Mark Lamoncha used technology to empower his team members and save his family business. Humtown has been producing industrial cores and moulds in Ohio since 1959. Just as it did...
Kathy Kolbe built her enterprise, Kolbe Corp, to help Fortune 500 companies, business executives and leaders in every sector excel using a system that identifies the individual talents driving universal work habits. Their latest book, Business is Business: Reality...
For more than four decades, family-owned hospitality group Jetwing has shared Sri Lanka's unparalleled beauty with the world by booking itineraries and hosting visitors in their hotels. Jetwing's entrepreneurial journey – from a single 6-room hotel on a stretch of...
The rise of predictive hiring has marked a shift in the way businesses conduct recruitment. Data has become pivotal in the search for the next candidate. Leveraged correctly, family businesses can use data to meet the growing complexity of...

Sibling Rivalry

Sibling rivalries have the potential to pull families apart, causing irreparable damage to family-owned businesses. Literature asserts that Cain and Abel are the first casualties of the phenomenon, but history abounds with others. From Richard the Lion Heart and...
Edwin Hoover helps family businesses manage family conflict using the tools and strategies first outlined in Getting Along in Family Business: The Relationship Intelligence Handbook, a book he co-authored with his wife in 1999. He is also the author...
A leading expert in the field of family business dynamics, Clinical Therapist, Advisor and the Author of two books, Love, Power and Money: Family Business Between Generations and Family Business Matters, Dean R Fowler has helped hundreds of family...
Angela Civitella had to take on a position of leadership in a family business when she least expected it. Following the premature death of her father, Civitella found herself struggling to co-manage the family's complex, multinational enterprise with limited...
Professor Enrique M. Soriano, author of "Sibling Rivalry in Family Business", is a World Bank/IFC Governance Consultant, Educator, Columnist and Family Business Coach who helps family members come to an agreement even when their values do not align. Growing up,...

Features

Rossi Boots has had first-hand experience dealing with the unprecedented retail disruption of the last two decades. Their realisation: more than a century designing, manufacturing and delivering high-quality footwear is not enough to guarantee sustainability. In Australia, imported goods and...
Universal Colors, a Peruvian family business manufacturing protective industrial and marine coatings, knows how to weather a storm. Its founder, Juana Antonia Espinoza Reyes, became cognizant of an opportunity in the marine coatings industry around the turn of the millennium....

Entrepreneurship

Living his purpose through his achievements in the great outdoors, Albert Bosch is one of the planet's foremost adventure sports athletes as well as one of its leading advocates. Some of the intrepid Spaniard's noteworthy achievements include walking unassisted (98...
In 2001, the Thompsons were forced to sell their farm but remained resolute, driven to define success on their own terms.Amy Thompson and her family are no strangers to adversity....

Also in this Issue

The philosopher Jiddu Krishnamurti said, "One is never afraid of the unknown; one is afraid of the known coming to an end." He probably wasn't referring specifically to the future of the economy when he said it. Nonetheless, his observation...
Longevity in the family business is a continuing challenge. Statistically, by the end of the third generation, 90 per cent of family businesses have failed. The statistics also reveal a glaring incongruency in resource allocation: poor financial planning results...