Family businesses are perhaps the most complex organizations combining two different and potentially conflicting value systems – the family and the business. Very few family business leaders successfully implement a “both/and” approach to managing this inherent overlap between their family and their business to effectively prioritize both at the same time. Neither is right nor wrong per se, and both very clearly serve a purpose. The question then for any family business owner is whether or not you prioritize the family or the business. Or do you do both?
I support a lot of family businesses and regularly hear from my clients how they pride themselves on creating positive work environments for their employees where they treat everyone like family. That’s quite admirable, and I’m sure those employees very much appreciate it. The question though is what to do with all the employees who actually are family!
Family businesses by their very nature are complex organizations. It’s not just about managing and operating a sustainable business with a family business. It’s about the leadership and governance practices required to keep any family drama and unproductive relationships away from work. In multi-generation family businesses, we’re talking 20, 40, 60 and even 100 or more years of history running the company. On the personal side, that’s generations of family members living together and growing up together who need to work together to operate that same business. That can create a lot of added stress and anxiety – something that many family business leaders are poorly equipped to handle – on an otherwise viable business.
Have you ever wanted to change something only to realize that others don’t want to change? Whether you’re trying to implement a simple process change with your direct team or transform your whole company, organizational change doesn’t just happen because you have what you think is a good idea or because you want it to happen. People resist change for a variety of reasons, so it is critical to communicate what that change is all about to those who will be most affected by it if you want them to embrace your changes like you do.
International Association for Refrigerated Warehouses
Best Practices for Recruiting and Retaining Your Warehouse Talent
- Date: Tuesday, August 29, 2017
- Time: 2:00pm – 3:00pm EDT
- Location: Online webinar
- Registration: Click here to register and receive more information.
Recruiting and retaining a quality workforce is a challenge for warehouses across the world. In a specialized and often difficult environment, refrigerated warehousing jobs can be stressful and demanding for even the most dedicated employees. So how do we attract new employees to join our companies under these difficult conditions? Maybe more importantly, how do we retain them once they are on board? Join CHIEFEXECcoach CEO Dr. Jeremy Lurey on August 29th when he will help distribution and warehouse leaders better understand the employee life-cycle and what they can do to enhance this employee experience. He will also review several best practices for attracting new employees to join our companies and then developing and retaining them once they are on board. Click here to register and receive more information about this engaging and interactive webinar program.
I remember years ago when the cost of employee turnover was calculated to be 150% of an employee’s annual salary. That amount included any internal recruitment costs, external search fees, and hiring and on-boarding expenses as well as the simple loss in productivity associated with losing and then replacing a talented worker. While that may have been more accurate for higher-level leaders and professional staff, recent research still suggests that the average cost of replacing an employee who earns less than $50,000 per year, or more than 40% of Workforce America, amounts to 20% of the person’s annual salary.
So is it worth up to $10,000 per year for you to develop and retain your most talented workers? What about $300,000 – or more – for your most seasoned senior executives?
Last week, CHIEFEXECcoach’s Founder & CEO Dr. Jeremy Lurey facilitated two separate workshops at the International Association of Refrigerated Warehouses 2017 Spring Chapter meeting in Leavenworth, Washington. Attendees included family business owners and several key managers from the larger companies across the region. The first program called “Best Practices for Designing Your Always, Ongoing Performance Management Process” reminded everyone that performance management is not a once-a-year task to complete for HR. The second workshop called “Succession Planning & Developing Your NextGen Leaders” then gave these leaders some specific tools and techniques they can use to inspire discretionary performance from their teams. As the new Talent Management service partner for the entire association, Dr. Lurey will be continuing to facilitate educational sessions like this at other industry events throughout the year.