Linda Mack of Mack International led a thematic roundtable on Family Office Remuneration and Recruitment at Campden Wealth's 18th Annual North American Family Office Forum November 15 and 16 in West Palm Beach, FL.
WEST PALM BEACH, Fla., Dec. 13, 2023 /PRNewswire-PRWeb/ -- Every year Campden Wealth's Family Office Forum includes the ability for participants to experience networking by attending a member-led thematic roundtable. Each hour-long thematic networking session provides the opportunity to choose a micro subject to share your knowledge and experiences, gain insight and seek guidance from fellow community members. This year Linda Mack of Mack International was chosen to facilitate a discussion on the subject of recruiting and remuneration.
Recent surveys show the majority of family offices report recruiting and compensation as two of their greatest challenges. Increased competition for talent continues to grow, and consequently, compensation practices are a hot topic. Current trends and best practices were discussed surrounding recruiting, retaining, and remuneration. Leadership of the Family Office of the Future was also addressed.
Recruiting
There is a strong consensus among Family Offices that successfully attracting and retaining the right leadership talent to enable them to achieve their long-term goals and objectives and to strengthen family sustainability is critical. However, in the absence of a proven process, many recruiting efforts do not succeed
Increased access to information and an intensified competitive market are two key drivers requiring family enterprises to implement more formalized, clearly defined strategies in recruiting and retaining key talent. Leaders who align with a family office culture are poised to shape and set the stage for future generations. In fact, most family enterprises seek relationships with their executives spanning 10-15 years—a long-term proposition.
Linda emphasized that prior to any action being taken regarding human capital, a discussion about family objectives is not only valuable, but essential. A successful hire requires that the candidate not only have the requisite skills and competencies to perform the job, but they also need to meet the culture fit requirements to be successful and effective.
Compensation
Considering the ultra-competitive landscape for candidates, successful Family Offices understand the critical role of developing a strong compensation package when launching executive search. When designing a compensation plan it is important that it drives behaviors leading to results aligned with family objectives.
Compensation structures are evolving with many currently including bonuses, annual incentive plans and long term investment (LTI) opportunities. "There is continued acceleration of LTIs mainly due to the competition in the marketplace and the increasing influx of compensation practices from institutional markets into the private and family office markets," noted Linda.
Leader of Future
In the family office of the future there are greater expectations for leaders. Linda describes the profile of the optimal C-suite leader of the future as being "strategic and proactive." Linda offered, "Family offices should be looking for someone with a strong business, financial and investment acumen who is also an expert generalist. The ideal leader must be a trusted advisor who combines a high IQ with a high EQ to inspire a culture of excellence. They will also be an executive who is technologically savvy and well networked, bringing 'best practice' knowledge to their role. Once you find the ideal candidate, compensation and retention strategies are paramount."
A lively discussion punctuated each topic with stories and details shared among the members. Judging by the participation and feedback, Linda believes all members found a great deal of value in joining the thematic roundtables. "It's an intimate way to really have a meaningful discussion with your peers."
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 a 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.
Media Contact
Isabel Bolt, Mack International, 8173015461, [email protected], www.mackinternational.com
SOURCE Mack International
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