- April 22, 2020
- Posted by: Linda Mack, Mack International
- Category: Best Practices, Human Resources, White Paper
In this white paper, expert Linda Mack, Founder and President of Mack International, LLC, will discuss the process for recruiting and maintaining top leadership talent for your family office.
Author: Linda Mack
Company: Mack International, LLC
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It is critical for a family to attract and retain the right executives for key leadership roles
in the family office. Failure to accomplish this can be extremely costly to the family both
financially and in terms of sustainability. This chapter details a proven process for success.
This process is sequential and includes the following:
I. Foundations for Success
II. Strategic Human Capital Plan
III. Assessment Process Design
IV. Executive Search Process
V. Onboarding Plan
VI. Performance Management Plan
VII. Retention Plan
SECTION 1 FOUNDATIONS FOR SUCCESS Every successful process begins with laying the proper foundations. These foundations need to be clearly defined, and family consensus and alignment around them achieved before the family proceeds to develop their strategic human capital plan and begin recruiting. The key foundations for success require family offices to:
• Define family mission, vision, and values
• Define the purpose of the family office (short and long term)
• Define family and family office long term objectives
• Determine which family members are to be served as clients of the family office
• Determine the scope of services to be provided by the family office
• Decide which services to provide in house versus outsourced
Before creating a family office, it is important that the family first take the time to define their overarching vision for the future and the mission, purpose, goals, and objectives for both the family and family office. Some families think in terms of a generation or multiple generations; others take a long-range view of 50 to 100 years; and, some plan for perpetuity.