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Human resources in the family business–maximising the power of your people

Family businesses are ubiquitous and so too are the challenges they encounter. While human resources (HR) and talent management are of utmost importance to all firms, the unique interplay of ‘family’ and ‘business’ systems means family businesses experience multiple, complex, and interrelated issues. Ransburg, Sage-Hayward, and Schuman suggest that HR in a family business can be ‘an enabler rather than a disabler, a builder rather than a blockade, a partner rather than a peripheral player’ (p. 3); fundamentally, HR is critical for long-term strategic gain. Much of the existing scholarly and practitioner literature in the area of family business has focused on topics of successor development, estate planning, family relationships, wealth transfer and, of course, succession. However, any family business, of any significant size, is reliant on the quality and effectiveness of family and non-family talent to ensure continued success and growth. Despite notable exceptions (e.g. Astrachan and Kolenko, 1994; Carlson et al., 2006; De Kok et al., 2006), there is a dearth of knowledge surrounding HR practices and policies in the context of family businesses. Ransburg, Sage-Hayward, and Schuman duly address this knowledge vacuum in presenting family business HR strategies, supplemented by frameworks and tools for managing such strategies effectively. Family businesses are synonymous with long-term strategic thinking (Miller and Le Breton-Miller, 2005). Ransburg, Sage-Hayward, and Schuman suggest that a thoughtful, holistic approach to human resources – and its continuous evolution – is a critical contributor to long-term success in family business, more so when compared to any other business type. This is the underlying premise of their aptly titled publication: ‘Human Resources in the Family Business – Maximizing the Power of your People’, which, in a family business, equates to managing expectations of the family, business, and individuals therein. Optimising the effectiveness of family business’ human resource systems and practices aids in achieving transgenerational goals and long-term family and business aspirations. So, why are HR practices different in family business? The text opens by suggesting that, for a number of reasons, HR is even more important in a family business, than in a non-family business. Across many family businesses, employees, be they family or not, are inducted into the inner circle of the family; thus, a need to manage relationships with dignity and respect must be addressed. Given the natural differences between the family and the business – the former is often deemed as emotionally driven while the latter is considered driven by rationale – the inclusion of family members can increase the complexity of HR issues. Family reputation, prestige, and social standing are at stake, which can pose a significant risk for both the family and the business. Often, the careers, personal wealth, as well as the livelihoods of family members are ingrained in the business (p. 2). The necessity of this text becomes apparent as the authors describe unique pitfalls to managing human capital in family firms, such as managing the perceptions of a glass ceiling for non-family professionals, which may