Family business 

Benefits of setting up a family business 

 The working environment is completely different than it was a few years ago. The Great Resignation was spurred by a flourishing economy, a global pandemic, and worker job unhappiness. Additionally, the historically low unemployment rate has provided workers the freedom to move about and criticize their employers. For many businesses, especially those aiming for expansion, talent retention and acquisition are more important than ever. Businesses will require an employee-centric approach that is based on trust and decisive action to win the war for talent because it is likely that these problems will continue. 

For growth, effective talent management is essential. 

92% of private companies said that finding and keeping talent is crucial to their growth in PwC's February 2022 Pulse Survey. retaining talent and Private businesses stated that finding and keeping talent is crucial to their expansion. For the following generation of family business executives, talent acquisition and retention are also top priorities. Following the unprecedented impact of COVID-19 and the subsequent labor market changes, talent acquisition, management, and retention are viewed by 75% of NextGens as a key priority over the next two years, according to PwC's 2022 U.S. NextGen Survey. 

The Benefit of Family Businesses 

According to the 2022 Edelman Trust Barometer, family-owned businesses are the most trusted companies, and have been for the past nine years. Respondents reported having more faith in family businesses than in privately held, publicly traded, and state-owned businesses (67% to 58%, 56% to 52%, respectively). Family enterprises that have a clear purpose gain this trust. Employing and keeping people is crucial to private enterprises' growth, they said. The next generation of family company executives has set talent acquisition and retention as a top priority. In light of Covid-19's unexpected impact and the accompanying labor market changes, 75% of NextGens in the United States believe that acquiring, managing, and retaining talent will be a top priority over the next two years. 

Family businesses have an advantage 

According to the 2022 Edelman Trust Barometer, family-owned businesses are the most trusted firms — and have been for the past nine years. Respondents reported having 67% more faith in family businesses than in privately held, publicly traded, or state-owned firms. With a clearly defined mission, family companies get this trust. Employing and keeping people is crucial to private enterprises' growth, they said. The next generation of family company executives has set talent acquisition and retention as a top priority. In light of Covid-19's unexpected impact and the accompanying labor market changes, 75% of NextGens in the United States believe that acquiring, managing, and retaining talent will be a top priority over the next two years. 

Family businesses have an advantage 

According to the 2022 Edelman Trust Barometer, family-owned businesses are the most trusted firms — and have been for the past nine years. Respondents reported having 67% more faith in family businesses than in privately held, publicly traded, or state-owned firms. With a clearly defined mission, family companies get this trust.