The rise of the cost of living has been happening everywhere around the world. Nowadays, the number of occupations available is significantly lower than the number of graduates annually anywhere. This is mostly due to the technological advancement of Artificial Intelligence (AI), which allows companies to reduce operational costs by using AI instead of humans for tedious, repetitive tasks. Furthermore, securing a job in the first place is extremely difficult without having any referrals, even when someone is fully or over qualified for the role. These issues, oftentimes, push people to work in their family business to generate personal income. Though there are some problems that can arise amongst family members when working together, the advantages outweigh the disadvantages.
Firstly, trust is the most important value in a business and without it, the company is doomed to collapse. When a member joins the family enterprise, they would bring a sense of loyalty that external employees cannot replicate easily. This reduces the chance of corruption and the need of micromanagement since they would be invested in the legacy of the enterprise.
Secondly, working in a family business provides job security. Currently, companies are quick to lay off employees just to save costs. In contrast, family businesses are more likely to protect their own kin during tough times. Members have a higher probability to willingly accept a pay cut in order to keep the company afloat due to their sense of loyalty.
In conclusion, while the current job market and inflation drives people to join their family business to earn money, the benefit of unconditional trust and values alignment far outweighs the drawback.