My daughter and son have both worked with me over the years. Currently, my nephew works with me. Hiring and working with family is good, but it can challenging. When you are at the beginning stages of starting a business, you might think about hiring your family members. And you might even build your business with family.
This idea might seem appealing to many, given that you already trust them and share the same goals. However, before you make such a decision, there are various pros and cons that you will need to take into account. Let’s explore the advantages and disadvantages of hiring family members and explore if it is the right move for your business.
Building generational wealth:
One of the most significant advantages of hiring your family members is the sense of generational wealth that comes with it. By working together, you create a unified vision that is rooted in creating long-term wealth for your family. This connection can create a powerful legacy for generations that come after you.
Working with people you trust
Another advantage of hiring family members is that it helps to build a culture of trustworthiness. You know them, and they know you, so it becomes easier to communicate and work towards a common goal. As a result, you can create an efficient and productive work environment that thrives on trust, respect, and teamwork.
When you hire family members, you share goals, and they understand your vision for the business. This sense of shared vision and purpose is essential for any business to succeed. When your family members work towards your business goals, you can be sure that their interests align with those of the company, which keeps them motivated.
Hiring your family members also comes with some cost savings advantages. Since you are working with people who trust you, you can avoid spending money on expensive recruiting processes. Furthermore, you can reduce expenses on training since they are likely to have already learned a lot about your business through discussions with you or other family members.
Past personal issues impacting the business
However, there are some drawbacks to hiring family members as well. One of the most significant disadvantages is past personal issues impacting the business. Families are prone to personal issues like ego problems or favoritism, which can spill into the work environment, therefore making judgment calls beyond business goals.
Business problems become personal problems
Another disadvantage of hiring family members is that it can lead to business problems becoming personal problems. If the business is doing badly, it becomes difficult to leave your work at the door since you share an emotional bond with your family. Consequently, business stress, anxiety, and conflicts can put a strain on personal relationships.
Other family members get jealous
Sometimes, hiring family members can lead to jealousy from other family members. For example, if someone gets a job or promotion that they feel should belong to them, it can lead to tension and conflict within the family. This can, in turn, negatively impact the business, both in terms of morale and productivity.
In conclusion, hiring family members can have both advantages and disadvantages. While there is a sense of trust and shared vision that is hard to replicate with non-family hires, it also comes with its fair share of potential problems. Therefore, we would recommend making an informed decision by weighing up the pros and cons first. By considering each factor, you can make a better decision about whether to hire family members for your business or not.