Is it better to be in a family business? I ask the question to provoke some thinking.
Who does not wish to cling to a position which gives you status and an annual retainer? Many independent directors have been on the same board for ten years and over.
The Situation
The client, which has been in the business for over 30 years, sought to up-skill the firm’s management team by better equipping them to lead their respective teams and above all, their strategic awareness.
On a few occasions during a board meeting you feel that it would be better if there were no executives around to express an opinion or a point of view.
High staff turnover causes negative morale at the office. Demotivation and disengagement kick in, affecting the relationship with your customers, which will eventually affect your turnover and profit margins. All this leads to a serious negative impact on your company culture and also on your company’s reputation.
I was recently at a client and we discussed the importance of having a proper pay structure in place. The director explained that in today’s job market, they do not necessitate having one in place as they are constantly scrambling to pay more to entice prospective employees and/or retain their people.
One of the biggest challenges facing business in these last twenty years is that of adapting to the change brought about by outside forces.
The damage done by the financial crisis of 2008 to the image of business is mostly unrepairable.
There is more than ample evidence that boards of directors in Malta are steadily, although quietly, changing. A number of factors have contributed to this.
