It is essential 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) July 28, 2015
Mack International LLC, the premier family office/wealth management retained executive search and consulting services firm, announced that the firm’s Founder and President Linda C. Mack appeared as a featured panelist at the LIDO 7th Annual Family Office Educational Forum and Roundtable held June 16-17 at The Loews Hotel, Santa Monica, Calif.
Host Greg Kushner, Founder of Lido Consulting, Inc., moderated the event. Invitation-only attendees moved among five breakout roundtables to discuss topics of interest to families and family offices, followed by presentations by each of the roundtable leaders.
Linda Mack, along with Trish Botoff Principal of Botoff Consulting LLC, facilitated a discussion on “Building Your Family Office: Recruiting and Retaining Key Talent,” reviewing trends, challenges and best practices in family offices. They offered details as to how family offices should design compensation programs in alignment with the values, culture and needs of the family while successfully motivating and retaining key executives for the long term.
“It is essential 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.
According to Mack, performance expectations and metrics to measure success must be clearly defined and customized to the specific family objectives. 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. Attendees were very engaged and had a highly interactive dialogue about key trends, challenges and best practices related to the subject of compensation.
“While no two families are alike, families consistently report very similar challenges in attracting and retaining the talent needed to lead their family offices," Mack said. “The market for key family office executive talent is increasingly competitive. It requires families to be very strategic and professional in their approach to recruiting, compensating and retaining the talent they need,” she added.
“The importance of starting with clarifying a family’s mission, values and philosophies cannot be overstated,” Mack said. Defining these and maintaining connection to them is an ongoing process. Each generation has to embrace the mission and philosophies, while adding their own imprint, if they are going to be able to sustain their goals and objectives over generations. Healthy families continue to ask ‘Why are we together, what holds us together?’ And choose to stay together,” Mack said. “Designing and structuring competitive compensation plans that are aligned with family values and long-term objectives are critical for success in effective recruiting, rewarding and retaining key executives.”
About Mack International LLC
Mack International is the premier, boutique 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. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by consistent referrals, repeat engagements and long tenures of candidates placed. Founder and President Linda C. Mack has established proprietary methodologies such as the Mack 360© and is credited for having coined the term "expert generalist" in the industry. For more information, visit http://www.mackinternational.com or call 800.976.0015.