An article from FORBES Online Magazine, written by Glenn Llopis, a freelance writer.
At a time when organizations are looking for new ways to build
high-performance teams, perhaps they should be considering a family
approach to business that emphasizes trust and values. A team work
environment where camaraderie means having each other’s back and not
judging one another. A workplace culture that celebrates
opportunities, transparency, and the opinions of all to enrich
conversations and diversity of thought.
According to a McKinsey report, one-third of all companies in the S&P 500 index are family-controlled, and many are outperforming their competitors. A study at Texas A&M
further reveals that family-owned businesses beat other firms in
revenue and employment growth and have a longer-term view of investment;
they’re more stable, and inspire more trust and commitment in their
employees. In fact, the top 10 family-owned businesses – including
MARS, Ford, Walmart, Cargill and Koch Industries – collectively generate
annual revenues of one trillion dollars.
The success of family-owned businesses runs much deeper during
turbulent times. Because family-owned companies tend to take a much
more conservative approach to debt, leverage becomes an advantage. As
noted in the McKinsey report, average family businesses in the U.S. and
Western Europe had a debt-to-equity ratio of only 25 percent going into
the financial crisis of 2008, compared with 40 percent for non-family
firms.
There is clearly something to say about running a business with a
family approach. Not all of them are perfect, but that is not the
point. Taking a family approach means establishing a foundation of trust
and a cultural promise to unite as one; to perform with purpose and the
healthier whole in mind. In the end, it’s about leadership and the
ability to manage the moving parts and sustain momentum.
Here are five ways a leader can build a family environment to achieve excellence in the workplace:
1. Give Your Team a Sense of Ownership
Too many times, leaders demand that their employees just “do” what
they say – and thus don’t give them a sense of belonging to a team. At
a time when employees want to be a part of something meaningful,
leaders need to spread the wealth of ownership and with it the
responsibility – i.e., apply more accountability to performance.
To build a family environment, make everyone on the team feel as if
they are a “board member” in your department. Establish boundaries, but
elevate their sense of purpose.
2. Everyone Must Protect One Another
Lead with kindness and intention. Leadership
by fear limits the growth of your employees and the opportunities for
achievement. Treat your employees like family. Have each other’s
back and always help one another improve; talent discovered and used in
the right situations can seize opportunities rightly.
3. Instill Values to Enable a Trusted Culture
When you can define the standards of performance based on an
understanding of what you, the department and / or the company stands
for – it is much easier to establish expectations. These expectations
should be based on a set of core values that everyone can embrace in
order to build a trusted culture
that is fair with no surprises. Your team will operate most
efficiently with a clean state of mind knowing that their momentum will
not be disrupted with “political road-blocks.” An uninterrupted game
plan means they can focus on results.
4. Encourage People to Speak-up
Enable people to express their voice
and allow their perspectives to be heard. People shouldn’t feel that
they require permission to express their opinions. The goal is to
activate the team, not restrict their participation. The more people
you get involved in the conversation, the more you can benefit from a
family environment that embraces differences. This builds loyalty, grows confidence and solidifies a foundation of
trust. Additionally, the expression of multiple voices allows for
the discovery of opportunities previously unseen.
5. Develop a Succession Plan
Everyone on the team should be aware of their succession plan. Be
clear in establishing a road-map to get employees excited about the next
stage of their careers. Be transparent with everyone’s plan and allow
others to participate in the plan. With everyone pulling for one
another’s success in this family environment, it eliminates traps and
cultivates a culture of winning.
Leaders require maturity and trust in themselves to build a family environment. Those businesses that fail typically are a result of envy,
lack of trust and /or an inability to work together. Those leaders
who can successfully build a family environment in their department will
not only achieve more in the short term, but will build a foundation of
hard work, determination and perseverance for the long run.
Source: FORBES Online Magazine
kumaran nadaraja
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