http://www.ifb.org.uk/ A recent survey by the global executive search firm
Egon Zehnder International puts the spotlight on strategies for family firms to compete for top talent. Perhaps not surprisingly some of the main tips include: creating greater separation between owner and company interests, making decision making paths more comprehensible and offering stronger career prospects – with less glass ceilings. For family owners this should mean one thing - placing greater emphasis on governance to help focus on achieving these outcomes.
The survey has positive messages too about the family business model and how a long-term approach to stewardship helps support innovation. But conflict too often gets in the way, according to respondents, principally because of questions arising over the merit of family members working in the business. Lack of career prospects is also a major factor for those senior executives who might otherwise contemplate working in a family business. The best firms address these issues by
- improving family and corporate governance
- raising their profile promoting their corporate brand
- recruiting not only on skills, but also taking values into account
- having formal processes for integrating non-family managers
The next
IFB Governance Forum in London, on 29 November, will continue this debate looking at the role of the non-executive director in upping the game in family boardrooms.
