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This paper highlights the opportunities and challenges for family firms in managing Generation Z (Gen-Z) employees. This perspective article explores several considerations for family firms in managing their Gen-Z employees and the potential implications for their socioemotional wealth (SEW).

The authors provide a brief review of what is known about the values/work habits of Gen-Z employees and attracting, retaining and managing nonfamily employees in family firms.

The unique values, motivations and working styles of Gen-Z employees suggest the need for family business leaders to adopt a different approach to managing these employees. A focus on Gen-Z’s psychological contract, technological savviness and entrepreneurial orientation is provided with respect to how they can be managed.

The authors suggest the importance of approaching NFEs as a heterogenous group and offer avenues for future research with prospective research questions to better understand nonfamily Generation Z employees’ place in the family firm.

Family businesses account for 70% of businesses in Australia, and employ half of Australia's workforce (ASBFEO, n.d). Although they form an integral part of Australian economy and society, the experience of COVID-19 has undoubtedly created both change and challenges for family businesses. Are Australian family businesses ready to manage this change and cope with these challenges? In this chapter we explore this question by discussing the “state-of-the-art” about family businesses in Australia, and present research directions to develop knowledge about the readiness of Australian family businesses to not only flourish but to be sustainable in the post COVID-19 world.