“It is critical that family office compensation programs be aligned with the family’s values and philosophies..."
Chicago, IL (PRWEB) November 11, 2014
Family office recruiting, discretion, retention and family culture fit are just a few of the topics covered in-depth in the recently released Family Office Association Q&A interview, “Recruiting Top Talent at Family Offices” featuring Mack International LLC Founder and President Linda C. Mack and Managing Director, Lisa D. Ryan.
“The Family Office Association (FOA) is committed to distributing essential knowledge that will support single-family offices in their quest to achieve best practices,” said Angelo J. Robles, FOA founder and chairman. “For a discussion regarding family office recruiting and human capital management, we sought out industry leaders Linda C. Mack and Lisa D. Ryan to share the their unique insights and expert perspectives on questions our members have been asking.”
“Recruiting for families and family offices is a complex process, best achieved through customized and consultative work with the families,” Linda Mack said. “We are proud of our exceptional track record of success as evidenced by consistent referrals, repeat engagements and long tenures of candidates placed, and are delighted to answer FOA members’ questions regarding recruiting, retention and related challenges for family offices.”
Robles added, “In particular, FOA members express interest about how to have the most efficient and effective family office, and of course talent and human capital management are at the forefront when it comes to executing on what the family wants to achieve financially and in non-financial areas. Linda Mack and Lisa Ryan provided their deep experience and invaluable knowledge on how to best identify, attract, recruit and retain not just talent, but talent with the essential cultural fit of the family organization.”
The informative FOA Q&A covers many key issues and challenges, including:
- What are some of the main challenges unique to recruiting for leadership roles in family offices today?
- How can family offices successfully attract, motivate and retain key talent?
- What are some of the other main best practices in recruiting family office talent today?
- What are the challenges in hiring through a personal network versus using a headhunter?
- How can families design compensation programs that incentivize and retain staff while remaining aligned with family objectives?
- How can you make sure the family office talent will best achieve the family's goals and objectives?
- How do you best evaluate a potential candidate's ability to respect a family's privacy?
- How do you get past the catch-22 of calling references who might respect the family's privacy so much that they won't give you information about the candidate's character?
- How do you help educate your clients and set their needs and expectations before you approach recruiting? Is the education different with "old" versus "new" wealth?
The distinct advantages to working with a recruiter, for example, are discussed in detail. According to Mack, “In terms of the decision of whether to hire an outside professional, families often find that, like using a golf pro, it is very valuable to use a professional who is specialized in working with families and family offices and can bring the value of their experience to help them effectively identify, vet, assess and recruit their ideal candidate. An outside professional is not emotionally involved, so they can be objective and a very valuable partner to the family in the process," she said.
Getting compensation just right is also of central interest to FOA members, according to Robles. As Mack explains in the Q&A, “It is critical that family office compensation programs be aligned with the family’s values and philosophies and drive behavior that will enable the family to successfully achieve their goals and objectives. The programs need to be market competitive to enable the family to successfully attract, motivate and retain the executive, but the structure also needs to be aligned with the family’s values and philosophies or it won’t be successful.”
Ryan added, “Retention of key executives is important to families. Long-term compensation plans that provide an opportunity for wealth accumulation can help families successfully accomplish this objective.”
About Mack International LLC
Mack International, LLC, is a global retained executive search and strategic management/human capital consulting firm serving national and international clients in the family office, family business enterprise and the wealth management industries. Founder and President Linda C. Mack develops close, consultative partnerships with clients and candidates, sharing her deep knowledge and broad experience to achieve success. She has established proprietary methodologies such as the Mack 360© and originated the term “expert generalist” in the industry. For more information, visit http://www.mackinternational.com or call 800.976.0015.
The Family Office Association (FOA) is a global membership community dedicated to providing ultra-high-net-worth families in primarily single-family offices, the resources to solve their most difficult challenges and to achieve their respective and collective goals. FOA’s strategic meetings and forums offer insight to grow wealth, strengthen legacy and unite multiple generations through shared interests and passions.
The FOA frequently engages a network of experts and deep thinkers to provide thought leadership communications to address a variety of topics of importance to its members via such mediums as white papers, social media, surveys, research, Q&A interviews, private forums and meetings.