Linda Mack of Mack International participated in a webcast held on December 13, 2023, on ‘Compensation and Talent Planning Trends for 2024’

Linda Mack of Mack International participated in a webcast on December 13, 2023, on compensation and talent planning trends for 2024 including preliminary findings from the Botoff Consulting/Morgan Stanley recently published survey on Family Office compensation.

WEST PALM BEACH, Fla.Jan. 19, 2024 — Linda Mack of Mack International participated in a webcast for an insightful look into addressing year-end compensation decisions and family office talent challenges. The webcast was hosted by Trish Botoff of Botoff Consulting, and co-publisher of a recent compensation survey (with Morgan Stanley). Joining Linda and Trish was Mark Somers, Founder and Director of Somers Partnership based in the U.K.

An outline of the discussion questions included key findings from the compensation survey, opportunities, challenges Family Offices face in attracting and retaining top talent, and best practices regarding compensation and talent strategies. Linda shared her insights into attracting and retaining top talent in 2024. A brief synopsis of her comments follows:

The market is extremely competitive and finding the ideal candidate is increasingly challenging. Linda C. Mack

Overall state of the family office talent market—
“The market is extremely competitive and finding the ideal candidate is increasingly challenging. While we are seeing an influx of talent from the corporate and institutional markets to the private family markets, not all these candidates can make the transition into a smaller, more entrepreneurial platform that offers less infrastructure.

Impact of the post-pandemic work environment—
“The pandemic has forced families to be more flexible as it pertains to working remotely. Insisting on being in the office full time can pose a recruiting challenge. Some are finding success with offering a hybrid approach that allows for one to two days out of the office.”

Current challenges in attracting and retaining–
“One challenge is economics. Often there is a nationwide search for key leadership talent, and once that person is found, it involves a relocation. The current interest rate environment can be cost prohibitive for a family to move without a generous relocation package. The other perennial challenge is always a part of a search—finding someone who not only has the requisite skills and experience, but who also fits the culture of the family office. With expected tenures of 10-15 years for C-suite leaders, culture fit is imperative.”

The role of compensation—
“As better information becomes more available through the efforts of firms like Botoff Consulting and Morgan Stanley and their published surveys, family offices need to be increasingly competitive to attract and retain talent. There is a caveat, however. Many people do not know how to interpret and apply compensation surveys, so expert advice in this area becomes critical. In general, we are seeing an increase in a variety of long term incentive programs. The type of program will depend upon a family office’s philosophy and approach and careful application to ensure they align incentives with their objective.”

Characteristics of the new leader for the Family Office—
“Candidates that will be most sought after and valued by Family Offices in their C-suite will be more strategic and proactive. They will have strong business, financial and investment acumen, and a mindset of leading a professional services business providing a clear value proposition that positively resonates with family clients. They will also be trusted advisors who provide valuable counsel and advice to individual family members and to the family as a whole. They will be leaders who inspire and motivate high performing teams and a culture of excellence, not hierarchical managers—there is a big difference. The premier candidates will have “high E.Q.” combined with high I.Q. and will be well networked in the market, bringing “best practice” knowledge to their roles and respective families.”

A recording of the webcast can be found by clicking on the following temporarily available link. https://www.botoffconsulting.com/news/2023/12/19/compensation-talent-planning-survey

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.