The unique and personalized nature of each Family Office can make it challenging to access benchmark remuneration data. Family Offices require a distinct skillset, incomparable to other working environments, and many professionals that Family Offices search to recruit are accustomed to a certain compensation structure.
Recruiting and Retention
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Finding the right single family office (SFO) talent takes time and preparation. With a smart approach and a strong network of supporting expertise, it is possible to find the right leader who captures that rare trifecta of SFO talent needs: (1) technical acumen in investments, legal structures, and accounting; (2) strong interpersonal skills including leadership, empathy, collaboration and respect; and (3) a personality that’s a good fit with multiple family members across generations.
Retaining and recruiting top talent has been a challenge for employers over the last few years, with companies struggling with how to best hold onto and reward employees. Even though there have been some layoffs, many employees are finding new positions quickly and negotiating their compensation and benefits. With a broad range of compensation vehicles available, companies can weigh their options to determine which one will work best for them and ensure they are staying competitive to recruit, retain, and reward desirable employees.
Compensation Committee Priorities for 2023
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The importance of talent continues to be a factor in driving an organization’s success. As a result, many compensation committees have expanded their roles and responsibilities beyond executive and board compensation into increased human capital and social issues impacting the organization. This requires staying abreast of compensation trends, enhancing the human capital experience, and providing frequent and transparent communications and reporting.
2023 FOX Foresight - The New Era of Family Wealth
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Some trends move slowly until they reach a point of inflection, at which time they seem to accelerate at almost blinding speed. So it has been for the rapid emergence of The New Era of Family Wealth. The departure from the past has been driven by four trends (transitions, talent, technology, and time) introduced by FOX in January of 2022. As these four trends have continued to persist, they have now become the transformative force behind this New Era.
Engaged employees are often your star performers who you don’t want to lose, because they perform with passion, enthusiasm, and connection. But in today's workforce environment, just 32% of the workforce is considered engaged—the lowest engagement rate in a decade. In this webcast we explore the new data and trends on the state of the workforce, what is causing low engagement, and how to solve the employee engagement and recruiting challenges.
The Evolving Risk Landscape: Discovering New Ways for Organizations to Assess and Manage Risk
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How can an organization be confident it is agile enough to react to the unknown and the evolving risk landscape? One of the best ways is by establishing a strong risk culture. In this e-book, Baker Tilly practitioners take a closer look at some of the critical risks that organizations are dealing with now, how those risks have evolved in recent years, and some basic strategies to effectively manage those risks.
The biennial 2022 Compensation and Benefits Report is designed to help family office board members and executives assess the office’s compensation plan. The report highlights key family office compensation and benefits areas, and provides invaluable perspective on your office’s plan relative to your peers.
Professional staff is an essential element of an effective family philanthropy effort; however, it can be a difficult construct to navigate. In this webcast by the National Center for Family Philanthropy, learn how to hire and prepare your staff for success in family philanthropy. Download the transcript and presentation deck for your reference on the topics discussed:
As Family Offices evolve and become more complex, attracting the right talent to deliver and manage services requires compensation that is competitive with other professional firms. Join this session to discover how family offices can create a compensation program that attracts unrivaled talent to serve the family. Eric Gonzaga, Principal, Human Capital Services, Grant Thornton Ken Cameron, Director, Human Capital Services, Grant Thornton Moderated by Peter Leo, Director, Human Capital, FOX