Linda Mack of Mack International participated as a panelist on the topic of 'Staffing and Retention for the Family Office' for The SFO Alliance Week, held May 15-16, 2024, in London England.
WEST PALM BEACH, Fla., June 12, 2024 /PRNewswire-PRWeb/ -- Linda Mack of Mack International participated as a panelist for The SFO Alliance Week, held May 15-16, 2024, in London England. The SFO Alliance represents over 850 family offices globally. They activate the network through frequent peer-to-peer events including SFO Week, the invitation-only global meeting. This elite gathering hosts Family Office executives and principals from prominent Family Enterprises around the world. The agenda of this year's event reflected members' primary interests featuring panels on a wide variety of subjects.
Linda was joined by fellow panelists, Trish Botoff of Botoff Consulting; Gemma da Cunha, Da Cunha Advisory, London; and a Family Office executive. The topic was 'Staffing and Retention in the Family Office' and was moderated by a C-Suite executive of a Family Office based in London. The panel shared their perspectives on the challenges facing Family Offices across the U.S./North America and UK/Europe. A broad number of topics were included in the discussion—trends in the market, the elements of a successful search, specific Gen Z challenges, retention, compensation, governance and succession.
Market Trends
The panel cited several key trends in the market including Family Offices becoming more professional and strategic with formalized recruitment processes and more well defined performance management and compensation plans. Accommodating candidates who desire remote, or hybrid work arrangements was discussed along with sound governance and next gen involvement in Family Office leadership.
Readiness for a search
Linda gave her insight based upon her experience guiding clients in recruiting C-suite candidates. "It's critical that the Family Office define the prospective role, not as it is today, but how it will evolve over the course of the next 10 years. It is also critical to define the characteristics and attributes needed to be successful. Once that bull's eye is painted, they must ensure there is consensus among the search committee. The challenge lies in finding someone who not only has the requisite skills and experience, but who also fits the culture of the family and family office. Culture fit is imperative. During Mack International's 360 process we often coach families through difficult discussions on compensation, governance and succession that will not only attract, but retain key leadership."
Gen Z challenges
A lively discussion ensued on the challenges of attracting and retaining Gen Z. According to Linda, keeping this generation interested and engaged is not limited to offering remote work arrangements. "The Family Office has to be thoughtful about providing more growth opportunities to this younger generation. They must find ways to keep them stimulated and put in a position to make meaningful contributions." The panel also discussed how to approach generational transitions in Family Office leadership.
Success through Onboarding and Retention Practices
All agreed that attracting and hiring the ideal candidate is the first step in a series of best practices. Retaining them is the result of successful onboarding and ongoing performance management. "There must be a clear business mandate," said Linda. "New leaders should be given the mentoring, authority and resources to succeed in their role. Designing competitive compensation plans that incentivize and align with the goals and objectives of the family office is critical. Offering both personal and professional growth opportunities strengthen retention. Being transparent about transitions and succession plans relieves potential pressure about the future and reassures leaders on the pathway forward."
The panel prompted an interesting open dialogue with lots of questions and participation from the audience. "It was less of a presentation and more of a dialogue. It is what SFO Alliance Week is known for, and why it is such fun to be part of their program."
About Mack International LLC
Mack International is the premier boutique firm that specializes in providing retained C-suite executive search and strategic human capital consulting solutions to family office, investment firm and enterprise clients on a national and international basis. Clients range from first generation business enterprise owning wealth creators through multi-generational families of six or more generations. Headquartered in West Palm Beach, Florida, clients also include multi-client family offices and select investment and wealth management firms that serve family offices and ultra-high net worth clients. In addition to its executive search services, Mack International provides customized strategic human capital/talent management consulting solutions. The scope of consulting services includes succession planning, governance, next generation engagement, compensation practices, and performance metrics.
Media Contact
isabel bolt, Mack International, 8173015461, isabelbolt1@gmail.com, www.mackinternational.com
SOURCE Mack International