“It’s difficult to react without a plan. Proactive families had the necessary technology, process, and procedures to immediately implement their contingency plans.”
CHICAGO (PRWEB) August 02, 2020
Linda Mack, founder of Mack International, facilitated a virtual round-table discussion on Human Capital: Disaster Recovery, Business Continuity, and Succession within the single-family office. The event was sponsored by Fidelity Family Office Services and Metcircle Networking, whose members are large family offices in the tri-state region. The past three months have created many challenges and changes within family offices, particularly with respect to human capital. As a thought leader in the industry, Linda shared her insights and observations while facilitating an informal conversation on how the COVID-19 crisis affected family offices and human capital working remotely.
Linda opened the conversation by asking how many families felt prepared for the pandemic from a business standpoint. Most participants reported being fairly well prepared. “This was reassuring,” said Linda. “When faced with such an unforeseen situation, the creativity, adaptability, and ability to react was impressive.” Several families remarked the experience with 9/11 inspired them to have plans in place to quickly pivot to working remotely. They had wisely invested in their infrastructures in anticipation of such an event, so business continuity was not adversely affected. “It’s difficult to react without a plan. Proactive families had the necessary technology, process, and procedures to immediately implement their contingency plans.”
Participants stressed the importance of communication in keeping staff highly engaged and committed. People shared how they kept the energy at peak levels by regularly communicating to staff how much they were valued and appreciated for their hard work despite the unique challenges of working from home. Linda cited some interesting morale boosters. “Some families added social meetings to the calendar. Virtual happy hours where casual interaction took place were a welcomed break from formal conference calls and served to stem a feeling of isolation.”
Human Capital practices such as hiring, and onboarding were particularly affected by COVID. Linda explained. “Most people are comfortable with video conferencing for ongoing communication—but can you really hire an executive without meeting them? It turns out—while not ideal—that many families that needed to make a crucial hire and felt they found their “match” made an offer and successfully hired their candidate.”
What impact will the pandemic have on the family office of the future? According to Linda and audience feedback, not everyone is comfortable working 100% remotely. “Experience during this pandemic has proven that families and family offices can effectively operate and work on a remote basis. But human interaction is still highly valued. Engaging in person adds a dimension that cannot be duplicated long distance. We don’t have a choice right now. When we do return to our offices, COVID has taught us business can go on remotely, so the future may hold more flexibility in how and where work happens.”
About Mack International LLC
Mack International is the premier, a 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.