Family businesses make up about 70% of the businesses in Australia and contribute more than $4.3 trillion to the country’s wealth. They are huge employers and are regarded as a backbone of the economy.
Research has shown that family businesses have a number of characteristics which differentiate them from ‘non-family’ business. An obvious one is the roles family members play in the business. As a result, family member employees have a direct impact on how the practice of human resource management fits.
Human resource management and the overall management of family member employees in family businesses can offer fantastic benefits. However, if not well structured, can be divisive and can hamper the businesses efficiency and development.
E.L Blue has worked with a number of family businesses to develop and implement best practice HR management systems. The result has been win-win with benefits for the ‘family’ culture and the business performance. As a 3rd party, E.L Blue’s HRBP’s remove the risk of inconsistencies on HR issues with regard to ‘family’ and non-family member employees.
This is the first of a series of blogs which will cover some of the HR issues and solutions faced by family businesses. Subsequent postings will include;
- Succession planning
- Performance management
- Recruitment and Staffing
- Cultural management
- Change management
If you are looking for specific advice with regard to HR management within family businesses, please get in touch. email@example.com