Family Enterprise AdvisoryLEC HR Advisory
Family Enterprise Advisory
Family Enterprises are a critical aspect of the economy:
- Family firms account for 2/3 (two thirds) of all businesses around the world (Interview with John Davis, Harvard Business School)
- An estimated 70%-90% of global GDP annually is created by family businesses.
- Between 50%-80% of jobs in the majority of countries worldwide are created by family businesses (European Family Businesses, 2012)
People strategies for Family Enterprises are different, requiring a longer term perspective and the integration of multi-generational family members through a well-designed Family Employment Strategy.
Dealing with leadership succession requires a thoughtful approach — will it be to a family member or non-family member? How far in advance should the process begin? What are the critical aspects of the transition to ensure a successful hand-off?
LEC HR Advisory has worked with multiple clients on designing and implementing appropriate People and Family Employment Strategies and Programs.
Recognizing the interrelationships and dynamics between Family, Ownership and Management is critical to the successful design and implementation of People Strategies. Each has a unique perspective and a voice that ultimately defines the business culture.
Family firms outperform non-family firms — and this is correlated with how they manage HR.
LEC HR Advisory understands these perspectives, and can help in articulating and defining the Family Vision and Values that inform how the business will operate.
With over 12 years of experience in family businesses, LEC understands what makes such enterprises successful, and their unique requirements when establishing a HR program.
LEC can bring value to family enterprises by:
- Creating, implementing and/or optimizing the appropriate HR infrastructure — strategy and service delivery.
- Succession planning — prepping the next generation of family to become leaders in the company.
- Executive Compensation Plans for family and non-family executives that tie achievements to business strategy and shareholder expectations on rate of returns/business