How family businesses need to combine intuition with data-driven processes for hiring professionals
Family businesses thrive on familial bonds, trust, and a shared vision. But there comes a time when inducting non-family professionals becomes crucial for growth. This need arises when:
- Business size is likely to increase due to high growth aspirations, often exceeding the capabilities and bandwidth of family members.
- Second or third-generation family members want to change the company culture and improve business competencies.
Infusing external talent to bring fresh perspectives, specialised expertise and strategic insight is imperative to propel the business forward. However, the senior talent acquisition process is not without challenges.
Mindset and approaches
Promoters often experience anxiety, nervousness and discomfort when contemplating the inclusion of senior non-family professionals. They fear external professionals will bring in different culture and values, leading to instability in the family business. But the real question is whether family members are prepared to relinquish their existing responsibilities and control, and face uncertainty when a new person comes in.
Many legendary founder-promoters exhibit exceptional risk-taking skills in hiring, confidently selecting and placing talent based on a blend of data and intuition. Before recruiting senior professionals, family promoters should shift their mindset towards a more professional outlook.
Alignment with the organisation's values and culture for incoming professionals is crucial for a harmonious fit. For instance, a candidate with an
