You need to be able to define the bull's eye clearly if you want to hit it successfully.
Chicago, Il (PRWEB) August 17, 2017
Linda C. Mack, founder and president of Mack International, the premier retained executive search and family office strategic management/human capital consulting firm, led a ‘How to Conduct a Successful Interview’ session at the exclusive Financial Executive Council Meeting for the Family Office Exchange (FOX) at the Swissotel, Edelweiss Penthouse, in Chicago, July 18, 2017.
FOX is a premier global member network for enterprise families and their advisors who are pursuing best practices for managing their family enterprise and growing their family wealth. FOX works to identify best practices to help members understand proven ways to address specific issues including governance, education, investment management and the business of the family office. The agenda for the Financial Executive Council Meeting included case studies on family surveys and restructuring the office to meet family’s changing needs. The final agenda item featured Mack International and their best practices regarding recruiting.
Linda Mack explored the challenges in being able to successfully recruit and retain the right candidate and how proper “fit” assessment is critical to making the right long term hiring decision. She outlined assessment characteristics and sample questions, stressing the importance of a more formalized methodology in seeking the best candidate to lead a Family Office. “A surprisingly high number of Family Office searches fail, either with no candidate hired, or a candidate hired that doesn’t last,“ said Linda. “This is an unsettling statistic considering most families are looking for tenure of 10-20 years, but it doesn‘t have to be this way. It is entirely possible to successfully accomplish this with a comprehensive assessment process.“
Her discussion began by emphasizing the two biggest reasons why executive searches fail. “Either the family hires someone they trust but who is not qualified to do the job - or they hire a talented, technically proficient individual who might have successfully run another family office, but who is not a culture fit.“
According to Linda, both of these situations can be prevented by following the best practice process she described which involves defining the position in terms of accountability, responsibility, performance expectations and metrics for success in detail and also specifying culture fit requirements.“These definitions form the basis for the selection criteria that should be used to assess the universe of potential candidates.“ In light of ever increasing competition for talent and the high cost of a failed hire, Linda said she is seeing a trend in families/ family offices deciding to take a more professional and structured approach to the recruiting and hiring process.
In her Best Practice Assessment Process, Linda explained how Mack International seeks clarity, consensus and alignment around defining the selection criteria, tools and the design and execution of the process. “Failure to have an assessment process to effectively evaluate and select the right candidate can lead to a family making a poor hiring decision or the inability to make a hiring decision at all. How can you assess something without first defining it? You need to be able to define the bull‘s eye clearly if you want to be able to hit it successfully.“
During the discussion on helpful tools, Linda shared tips on how to conduct both structured and behavioral interviews including examples of specific questions to ask. “It’s very important to determine exactly what you want to learn about a particular candidate and to frame the questions accordingly, focusing on open ended questions to elicit more insightful responses.” Linda also emphasized the execution of the process. “Determining who will be part of the process and defining respective roles of each member of the “interview team” will create organized consistency throughout the process.”
Linda concluded her presentation with an interview checklist and a list of general characteristics based upon her experience that she believes precipitate a “fit” for a sustainable family office overall. She also walked through examples of “fit” characteristics that are unique to each family/family office. She stressed the objective in an interview is to have a genuine and substantive discussion to assess mutual fit. “It is essential to have some big picture questions with follow up questions to dig deeper and provide additional clarity. Effectively discerning mutual fit calls for an honest approach--no canned questions. Questions should be thoughtfully formulated and based upon both distinct criteria and on what the family office is trying to evaluate. There are no short cuts.”
Aside from being prepared with questions, Linda explained the importance of simultaneously knowing what to listen for. “There is an art form to active listening. The conversation must continually be calibrated along way. When Mack International is engaged, we recognize we are matchmaking for both the family and the candidate. This means spending time really getting to know the family as well as the candidate before determining if they are a match. It takes a great deal of preparation and experience…there is nothing impromptu about it.”
Linda is passionate about helping families successfully identify, recruit and retain the right executive talent for their family offices and enterprises. “I was delighted to share how Mack International consistently succeeds in discovering and hiring the best “fit” for our clients. Over time we have developed and perfected a process that helps families get it right the first time, every time. No family office wants to lose the race for talent.”
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 on national and international basis. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by its unmatched industry expertise, in-depth market knowledge and unparalleled track record of success. 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