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Employment Policies

All businesses that reach a critical size should have employment policies. For family businesses –particularly those owned by large multigenerational families – employment policies are more nuanced. One critical consideration that family businesses must address is who from the family will work in the business and the parameters for doing so. Setting an appropriate policy for the business and family and communicating it leads to companies that employ the best-suited people in the most appropriate roles. This also fosters an understanding of what it takes to work for and succeed in the business.

We work with family business clients to consider their employment practices and answer a litany of questions that are central to employment policies, such as:

  • Who makes decisions about hiring and/or promoting family, and what are the criteria for doing so? What policies are in place regarding hiring family members?

  • What mechanism is in place for giving and receiving honest feedback to family members?

  • How are family members recruited, trained and treated as employees? Are mentors assigned?

Insights

Attracting_and_Retaining_Executives

Attracting and Retaining Executives in a Closely Held Business Q4 2016

John Secor, Ajit George and Kyle Gordon examine attracting and retaining professional executives in a closely held business. They discuss both the “softer” areas of focus that lead to success in hiring and retaining executives, as well as short- and long-term compensation structures.