Human Resource Challenges

The session highlighted that while the structure of a firm and its philosophy towards training and development, review and monitoring may differ, the common challenge is how to reflect that philosophy in practice and implementation. Moreover, these challenges are often compounded by the relatively flat structure in these types of enterprises, where scope for development is limited, compared to larger institutions. 

 

The session detailed three key areas where new initiatives, overseen by human resources, can change cultures and improve service delivery:

 

Personal Development: It is clear that the sharing of skills and expertise, as well as the rounding out of individual capabilities, can be achieved through a mentoring program, but investing in an internal technical training program can also ensure that development and growth are achieved. As an additional layer, some family offices also provide coaching for their staff through external consultants, but this is a practice that is not yet widespread and a concept that is often hard to articulate to owners. 

 

Feedback: Knowledge and information in single and multi-family offices can often become stored in silos, with a disconnection among staff across and between different levels. Some enterprises resist anonymous employee feedback surveys, but to create change and bridge divides, honest and open feedback can be invaluable.  

 

Time Tracking: As single and multi-family offices  examine service delivery, charging models, expansion and the evolution of their service menu, the need for close monitoring of how staff spend their time becomes all the more important. Finding the balance between complexity and accessibility is a key challenge, as well as ensuring buy-in from all staff is essential. 

 

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