At this first seminar, over 50 business owners attended the three hour seminar to learn how to better manage their family businesses. This was followed by a seminar on “Bank Financing in Today’s Environment”.
Today, family businesses operate in almost every corner of the world. They drive innovation and employment, and their resilience and adaptability make them a buffer against economic shocks and dislocations.
Knowledge and understanding of family business
Family businesses are vital to the development of both the prosperity and character of their communities, but for all their importance, knowledge and understanding of family businesses is sparse. Hence, the reason for holding the KPMG BEDC series of seminars to address the issues that were identified through the Medium Sized Business Survey.
KPMG Managing Director Steve Woodward opened the seminar by welcoming the attendees and the panel of speakers, including Nick Kempe, Deane Trott, Claudia Phillipsz-Jones, Mickey Swindale, and David Ash. Woodward advised that the seminar series came out of KPMG’s support of Medium Sized Businesses, and were being hosted to address the seven key areas where businesses need support, as identified in the survey.
The 7 key areas where family businesses need support
- Managing a business through economic downturn;
- Representation of the business sector in economic policy matters – including Government stimulus and tax incentives;
- Business and strategic planning;
- Identifying growth opportunities and supporting expansion;
- Human resource strategies for recruiting and retaining staff;
- Increased need for access to competitive capital/finance; and
- Timely, relevant benchmarking information to make more informed decisions.
The latest seminar addressed another of the areas of focus that came out of the survey – the need to help business owners recruit and retain staff, and shared practical tips with 50 attendees who needed help managing the HR process, and provided creative techniques and strategies to help them remain competitive.
Following Woodward’s introduction, Micky Swindale, KPMG Advisory regional head of People and Change, delivered a presentation that focused on three topics: Employee Engagement, Talent Management, and HR Effectiveness. These are critical issues in family businesses, where people are often the glue holding a business together.
Employee engagement, talent management, and HR effectiveness
Swindale defined engaged employees as those that are fully involved and enthusiastic about their work, noting that engagement links to staff retention and employee performance. In a well functioning organisation, Swindale suggested that at least 75% of employees should be engaged; however, survey results indicate that only 30% are actually engaged. She quoted the phrase, “people join organisations and leave managers”, to illustrate the importance of ensuring that the right management team is in place to represent your organisation.
Recruitment, development, and retention
Swindale referenced the Positive Intent Theory – in which management assume that employees want to do well. By making this assumption, an environment is created that helps to ensure that the individuals that demonstrate the highest level of aptitude and desire to perform, your talent, is being managed well.
Swindale suggested creating a Talent Management Plan to help effectively manage talent which includes recruitment, development, and retention.
For the full story, read BEDC, KPMG: HR strategies to boost business.