Management guidelines for family businesses based on competency-based management

Abstract

This study addresses management guidelines in family businesses from the perspective of competency-based management, seen as a strategic approach that employees must possess, oriented toward the identification, development, and application of key skills in leadership and business management. Family businesses in Venezuela have transformed over time, characterized by their ownership and management structure in the hands of members of the same family. However, many of them have disappeared over time, while others have struggled to achieve business continuity, despite the various economic factors facing the country. Under these circumstances, it is important to highlight that this article was developed using a qualitative approach, supported by documentary analysis and a theoretical review of competency-based management models. It seeks to clarify management guidelines in family businesses based on competency-based management, which will benefit these types of companies and allow them to visualize new alternatives in decision-making. Thus, highlighting that a good management strategy will greatly aid sustainability and long-term permanence, as it can flourish in a business context, where decisions regarding staff hiring, promotions, and many other decisions are centered on a single person: the representative and/or owner of the company. This academic contribution can ensure the company's success and continuity over time.