Great Expectations: What impact do family firms have on the economy and society?
We focused on the role of family businesses in sustaining local communities.
On Thursday 19th November, WE LEAD’s Director, Professor Kiran Trehan, took part in a webinar that formed part of the Global Family Business Learning Symposium organised by The Family Business Network.
The panel members taking part were:
- David Dickson, Chairman Family Business Matters Ltd
- Tom McGinness, Global Chair Family Business, KPMG
- Andy Lee, Strategic Lead, Diversity in Business Banking, NatWest
The webinar illuminated the contribution of Family Businesses to the UK economy and their social and cultural contributions to sustaining local communities through discussion of the following questions:
- What impact do family businesses have on the economy and the communities they belong to?
- What are the benefits of their community engagement for communities, their business and their individual employees?
- What is the impact of their engagement activities?
- What drives their community engagement work and what are the challenges they face?
New research undertaken by Professor Kiran Trehan for the IFB Research Foundation was showcased. The research provides innovative insights into the changing nature of work and how family businesses are exemplars in addressing the productivity gap. The panellists explored how the social benefits which include employment - particularly in disadvantaged areas - philanthropy, community and employee well-being coalesce to create environments in which innovation and sustainability flourish.