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Family Approach To Achieve Excellence In The Workplace

Business organizations are always seeking for new ways to build and develop effective teams. Perhaps they should use the family approach to business that emphasizes more on values and trust.  It also features teamwork that stresses more on members watching each other’s back instead of judging one another. It is better to have a workplace environment that celebrates transparency, opportunities and the opinions of all members in order to arrive at the common objective.

Mckinsey and Company, a global management consulting firm in New York City, reported that many of the family-controlled companies in the fortune 500 index are ahead of their non-family owned competitors. In a study conducted at Texas A&M, it was gathered that businesses that are run by the family are outperforming other businesses in terms of employment and revenue growth –they are more committed, have more trust, and are more stable. The top ten family controlled businesses including Walmart, MARS, Koch Industries and Ford, collectively generate an annual turnover of $1 trillion dollars.

During periods of hardship, family controlled businesses are even more profitable than their counterparts. This is because they tend to be more conservative in their approach to debt, which makes them leverage their inputs. Also in the report contained in McKinsey, during the 2008 financial crisis, non –family owned companies in Western Europe and the U.S. had a 40% debt-to-equity ratio compared to family owned firms with 25%.

There is more to say about using a family approach to run a business. Though not all family controlled businesses are successful, the point is that establishing a business on the foundation of cultural promise and trust, taking the togetherness and unity of the family into consideration can create a sustainable company.

In order to attain success, a leader should follow the following steps to build a family environment in the workplace:

*             Take the protective approach rather than the reprimanding approach. The effectiveness of an employee will always be marred if he is afraid that he might do something wrong. This is always the case when there is leadership by fear. Always lead with intention and kindness and be willing to help your employees improve. When you treat them like family, they will be motivated to even take task that are not part of their jurisdiction.

*             There should be a set of core values and principles guiding the organization. When you instill values and make people understand what the organization stands for, it will be a lot easier for the employees to understand and focus on the goals of the company.

*             Encourage employee participation: Always ensure that the employees are not afraid to air their views regarding a particular situation. Know that no one is a reservoir of knowledge, and you will be surprised that the view or opinion of your employee might help to solve a problem or even discover an opportunity. Encourage people to speak up because, it grows confidence, solidifies trust and builds loyalty. Always give your subordinates a sense of belonging. In a lot of instances, leaders always want their subordinates to follow their instructions at all cost. Sometimes it pays better to show your employees that they are part of the business family by listening to their opinions and treating them like “board members”. Though there should be established boundaries, the working environment will look healthier if employees are given freedom to express their thoughts. 

 

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