Linda Mack of Mack International was a featured panelist on a webcast discussing the latest trends in family office and family business recruiting and retention sponsored by Family Enterprise USA
WEST PALM BEACH, Fla., Aug. 17, 2023 /PRNewswire-PRWeb/ -- Linda Mack of Mack International was a featured panelist on a webcast discussing the latest trends in family office and family business recruiting and retention sponsored by Family Enterprise USA. The webcast, entitled "Navigating Today's Job Market: Recruiting and Retention Strategies for Family Businesses" was led by Pat Soldano, President of Family Enterprise USA. The panel included Linda Mack, Laura Lawless, a partner at Squire Patton Boggs, and Preston Rutledge, Strategic Consulting Advisor at Brownstein, Hyatt, Farber Schreck.
When asked to describe challenges in recruiting, Linda spoke about her top 4:
- Increased competition
- Navigating the hybrid work environment
- Hiring the right culture fit
- Consequences of inflation and higher interest rates
"Post pandemic competition for talent for the C-suite is strong and shows no signs of softening. Not only do family businesses need to look for the requisite skills to succeed in the position they are filling, but the right culture fit for their organization. If the culture fit is not right, even the most talented hire has a low probability of being successful. Once you identify the ideal candidate, if they need to relocate, inflation and higher mortgage rates pose an additional layer of challenges. The remote work environment is a huge challenge because it affects the fabric of the culture that is dependent upon personal relationships and trust that grow stronger through in-person collaboration, training, and mentoring."
Speaking on retention, Ms. Soldano asked the panel about the changes Family Businesses are making to keep employees happy. Linda emphasized that although compensation has to stay competitive with the market, there are other factors to consider. "Family Offices have an advantage over big corporations because they are inherently more personal. This is important for employees seeking a sense of "belonging" and work/life balance. There are expectations that leaders will be flexible, adaptable, and transparent. Giving employees that sense of belonging and opportunities for growth and development are key and part of an inspiring culture that people won't want to leave." Amenities such as fitness areas, onsite cafes and informal gathering spaces are becoming popular for the purposes of both convenience and bonding. Preston spoke about the importance of a good employee benefit plan and ways in which an executive "preferred" benefit plan might be designed to recruit and retain those in the C-suite.
Laura Lawless touched on the classification of workers as independent contractors, particularly relevant for family businesses. Determining employee status is vital to comply with labor laws and avoid misclassification issues. While family businesses might be tempted to use independent contractors for certain roles, she stressed that proper classification is crucial to ensure compliance with labor regulations and avoid potential legal consequences.
Linda talked about best practices she has observed in hiring family members for key positions. "The way to avoid awkward situations is to have protocols that demonstrate neutrality. Family members should qualify, be interviewed, and ultimately be held accountable for the same performance metrics as others in comparable positions. They should be compensated according to market rates—no more and no less. In order to attract and retain the best and brightest, the most prudent approach from a credibility standpoint is to be consistent across the board."
Family businesses that are clear about their future needs and establish leadership requirements and personal attributes are set up for success. Creating internships, training and development programs, and mentorship opportunities can help in identifying potential leaders whether they are family members or non-family members.
On the subject of the future, Linda offered that new leaders need to be more strategic and proactive than ever. "Aside from having a strong business, financial and investment acumen, and being technologically savvy, family offices will be searching for leaders who are well networked in the market and able to foster an engaging and inspiring culture, particularly in a hybrid work environment," said Linda. "The best strategic leaders are expert generalists who not only have knowledge across the horizontal spectrum of all the wealth management disciplines but also understand the interconnectivity between each. Nothing happens in isolation and each decision has implications across multiple disciplines."
A chat was part of the broadcast where the audience could pose questions to the panelists. The webcast provided valuable insights and solutions for recruiting and retaining top talent in the current competitive landscape. It was recorded and is currently available on the FEUSA website.
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.
About FEUSA
Family Enterprise USA promotes family business and job creation, growth, viability, and sustainability by advocating for family businesses, their lifetime of savings, and the issues they face running their businesses every day. The issues we fight for or against with Congress in Washington DC are high Income Tax Rates, possible elimination of Valuation Discounts, increase in Capital Gains Tax, enactment of a Wealth Tax, and the continued burden of the Estate Tax (death tax), and with the possible elimination of Step up in Basis. Family Enterprise USA represents and celebrates all sizes, and industries of family businesses and multi-generational employers. FEUSA is a 501.C3 organization. http://www.familyenterpriseusa.com
Media Contact
Isabel Bolt, Mack International, 8173015461, [email protected], www.mackinternational.com
SOURCE Mack International
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