This survey highlights that family offices remain focused on operational continuity and employee health and welfare in the early stages of crisis response to the Covid-19 pandemic.
LOS ANGELES (PRWEB) April 20, 2020
Botoff Consulting has released the details of the Compensation Pulse Survey: Family Office Crisis Response. “Appropriate and competitive compensation is a critical component of employee retention and recruitment,” said Trish Botoff, Founder and Managing Principal of Botoff Consulting, LLC. “Crisis is a continuity and resilience stress test. For most enterprises, including family offices, the current global crisis is testing the people, structures, and strategies that they have designed and employed. This survey highlights that family offices remain focused on operational continuity and employee health and welfare in the early stages of crisis response to the Covid-19 pandemic.”
Based on the survey results received, key areas of focus included business continuity, employee health and morale, and views on managing numerous unknowns, including the length of the crisis. Survey feedback also suggests that families are working to measure and respond to potential long-term impacts on operating company finances, family finances, and the broader economic conditions. Survey responses also included considerations related to the financial security of employees, with a separate focus on the potential impact to particular investment strategies.
Led by Botoff Consulting, the Compensation Pulse Survey: Family Office Crisis Response was conducted online from April 3, 2020, to April 7, 2020. The data was collected and analyzed by Botoff Consulting. Participation was by invitation only, with responses received from 55 single family offices (SFO). The report is available on the Botoff Consulting website, https://www.botoffconsulting.com/news/2020/4/10/compensation-pulse-survey-family-office-crisis-response. As appropriate, SFO data is presented in categories of assets under management (AUM), including less than $250 million, $250-$499 million, $500-$999 million, $1-$4.9 billion, and greater than $5 billion.
The Compensation Pulse Survey was designed to collect data in response to questions posed by family offices during and subsequent to a webinar conducted on April 1, 2020. The webinar was hosted by Angelo Robles of Family Office Association, who guided the discussion with Linda Mack of Mack International and Trish Botoff of Botoff Consulting, LLC.
About Botoff Consulting, LLC
Botoff Consulting provides compensation and related consulting services to private and family enterprise, family offices, family investment firm, and foundation clients. Our diverse team of consultants brings a deep array of insights, and our proprietary data captures market trends and best practices, allowing family offices to make compensation and other strategic decisions more effectively. With resources based in three major cities on both the East Coast and West Coast, we serve our clients nationally and globally. Please find us at botoffconsulting.com or connect with us on LinkedIn at https://www.linkedin.com/company/botoff-consulting/.