![]() ![]() Trust in Business Survey, 71% of employees say they’re likely to leave a company if they lose trust in their employer and 22% of employees said they had left a job due to trust issues. This gap can lead to adverse consequences, including lower employee retention rates and a negative impact on a company’s bottom line.īest practices for managing a company that will endure.Īnd the stakes are high. According to a recent PwC survey, 84% of business leaders say employee trust is high, compared to 69% of employees. But business leaders often overestimate how much employees trust them. If a business loses trust, they are more likely to lose employees. Trust has become integral to attracting and retaining talent. To do so, they must prioritize building and cultivating trust and focus on what matters most to employees. At a time when employees are looking for more meaningful work, becoming a part of a family business offers the opportunity to put their values into action and makes the time and energy they devote to their job more worthwhile.įamily businesses can leverage this inherent advantage to win the war for talent and drive growth. These values often include a commitment to positively impacting their employees and communities and acting as a socially and environmentally responsible business. Family businesses garner this trust with a clearly defined purpose and strong values that are foundational to their organization, and are derived from their family owners. The Family Business AdvantageĪccording to the 2022 Edelman Trust Barometer, family-owned businesses are the most trusted companies - and have been for the last nine years - with 67% of respondents saying they trusted family businesses, compared to 58% for privately-held, 56% for publicly-traded, and 52% for state-owned companies. NextGen Survey, 75% of NextGens see talent acquisition, management, and retention as a key priority over the next two years following the unprecedented impact of Covid-19 and the subsequent labor market moves. Talent retention and acquisition are also a priority for the next generation of family business leaders. In PwC’s February 2022 Pulse Survey, 92% of private companies indicated that hiring and retaining talent are very important to their growth. Effective Talent Management is Key to Growth ![]() Since it is likely that these challenges will persist, businesses will need an employee-centric strategy that’s built on trust and definitive action to win the war for talent. Talent retention and acquisition are bigger priorities than ever for many companies, especially those focused on growth. Additionally, record low unemployment has given employees the advantage to be critical of employers, as well as mobile. The combination of a booming economy, a global pandemic, and worker job dissatisfaction sparked the Great Resignation. The workplace landscape looks entirely different than it did a few years ago. ![]()
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