Cultural Values and Integrity in Family Business
A 2021 survey done by PWC with next-generation family businesses shows that this group sees "talent tied with growth as a top priority." In this survey, according to PWC, "75% told us they also see talent acquisition, management, and retention as key over the next two years. As the Great Resignation continues to create talent shortages around the country and beyond, NextGens will need to lean into the cultural values and integrity inherent in their family business to attract and retain talent."
How are family businesses now leaning into their cultural values and integrity? As a critical driver for their evolution and future development?
What is the role of cultural values and integrity in Family Business?
The role of values
Values are drivers of action.
"In those moments you have second thoughts, honoring your values is what will bring you that light needed to take your best option."
Family businesses with sustaining success know their values' impact on who they are, who they were, and who they want to be.
We identify two values influencing decisions and driving action and performance: Generational and individual values.
Generational values are those transmitted from one generation to another and are shaped by religion, family history, country of origin, past challenges and traumas, accomplishments and successes, and other events.
Individual Values are those values each member develops through time within their own nuclear family life.
Cultural values
Cultural values are learned from childhood and shared as a community or place we belong to. They are shaped by customs, ways of being, laws, traditions, rituals, and individual and religious beliefs, among others. They shape how we think and connect ideas, how we feel, and behave as a consequence of the connection. They also shape what is logical, ethical, or moral to us.
Cultural values also impact how successful family businesses communicate, connect and perform.
Integrity
Integrity comes from within, like those cultural values learned through life's journey and performed through a way of being. It allows each of us to be in complete alignment with ourselves. We think and share how we believe, following up with actions that honor our word.
Integrity is one of those values much celebrated in a family business. One of its attributes is that it creates honesty and transparency. One of its superpowers is that it honors the power of the word.
A family business is one of the unique groups regarding respect and responsibility for its human power.
If you want to create 10X in profitability, you have to make a 10X investment from within by investing in your human power in developing their talents. Create opportunities for your members to feel they grow together with your company. This is why the family business is one of those unique groups. When giving top priority to the development and growth of their people, they embrace a future as a result of their evolution and transformation.
Suppose you are already a next-generation leader working for your own family and understand the need to attract, retain and foster future talent -How much are your culture and values influencing your mindset? How much are you honoring your values and integrity when designing your plan?
