Tips to Foster Ownership in Your Organization
Psychological ownership -- strong emotional ties and a shared sense of mission and purpose that cause workers to identify closely with their business -- can give companies a competitive advantage, if they understand the roots of such feelings and how to develop them. To see how this phenomenon affects the performance of family businesses, the authors conducted a qualitative study of various family-owned firms of different sizes, stages and sectors. They focused on the factors that either fostered or undermined the development of a healthy, fulfilling relationship between next-generation members and the family business. Their results suggest that factors such as shared experiences, involvement in governance bodies, a structured and planned entry into the business, a sense of empowerment and opportunities for participation all support the development of a balanced sense of ownership within the organization and contribute toward sustainable business performance. This article lists the practical things that companies can do to sow the seeds of psychological ownership, so that you eventually reap responsibility, passion, initiative and creativity -- qualities that will boost productivity and performance.