It is critical that the compensation plan structure and incentives are aligned with the family’s values and philosophies, in order to drive the desired behaviors and achieve optimum results.
Chicago, IL (PRWEB) April 20, 2015
Linda C. Mack, Founder and President of Mack International LLC, the premier family office retained executive search and strategic human capital/management consulting firm, co-led a session at the Family Office Association (FOA) Spring Global Summit, held April 8-9 at the Westchester Country Club in Rye, New York.
The Summit is among the FOA's premier events in North America for high net worth individuals and family offices from around the world. Many well-established and senior private investors, money managers and private wealth service providers from around the globe attended for engaging discussions on the latest investment trends as well as non-investment issues surrounding family generations.
On Wednesday, April 8, 2015, Mack was joined by Patricia Hale Botoff, Principal of Botoff Consulting LLC, in leading the session titled, “Family Office Compensation: Trends, Challenges and Best Practices.” Mack offered insights on how family offices can design compensation programs to ensure they are in alignment with the needs of the family and successfully motivate and retain key executives for the long term.
“We discussed how critical it is that the compensation plan structure and incentives are aligned with the family’s values and philosophies, in order to drive the desired behaviors and achieve optimum results,” Mack said.
“Performance expectations and metrics to measure success must be clearly defined and customized to the specific family objectives,” Mack added. “Compensation programs also need to be tested to ensure the family knows how they will perform under various scenarios, including a 2008 type of financial event.” Mack shared stories about benchmark versus absolute return performance based compensation programs to illustrate and emphasize the importance of testing compensation programs.
The session began with an overview presentation followed by an interactive Q & A dialogue with participants about key trends, challenges and best practices related to the subject of compensation.
"No two families are ever alike, yet so many different families report very similar challenges. Families enjoy these sessions very much, as they provide opportunities to discuss topics of mutual importance, share ideas and learn from one another's experiences," Mack added.
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.
About Family Office Association
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.