Linda Mack of Mack International served as a panelist for Northern Trust’s Family Office Roundtable held April 27 in Chicago

Linda Mack of Mack International served as a panelist for Northern Trust’s Family Office Roundtable session on Trends in Family Office Talent held at their Global Conference Center on April 27 in Chicago.

CHICAGO (PRWEB) MAY 27, 2022 —

Linda Mack of Mack International was a co-panelist at the Northern Trust Family Office Roundtable session on ‘Trends in Family Office Talent’ held at their Global Conference Center on April 27 in Chicago. Linda was joined by Trish Botoff, Managing Principal and Founder of Botoff Consulting. Jane Flanagan, Senior Vice President, and Director of Family Office Consulting for Northern Trust was the moderator of the session. Attendees were polled at the start and mid-point of the presentation on the impact of the pandemic, recruitment challenges, compensation, and retention. Each of these topics was explored in detail during the session.

Recruiting, retention, and succession strategies are fundamental keys to success of every Family Office and building a culture that will continue to attract and retain is its lifeblood.

The pandemic has had an ongoing impact on family office work environments and recruiting. The markets are highly competitive for talent and Family Offices may find their ideal candidates are actively seeking the flexibility of a hybrid schedule where they can work remotely—or even long distance. “Principals are becoming more receptive to hybrid work schedules,” said Linda. “Talent is scarce, especially for key C-Suite positions. While productivity can still be achieved working from home, the central issue voiced by most CEOs is building and maintaining the company culture of the organization. Junior employees working remotely risk losing the benefit of onsite mentoring and impromptu collaboration that inspires personal connections with others to advance their careers.”

Given the competitive market for candidates, best practices in methods of recruiting were of keen interest to the audience. Linda emphasized the importance of cultural fit.

“Culture fit is paramount for success and comprised of many dimensions including values, philosophies, and communication, decision making and leadership style, and other personal attributes. Having the requisite skills, experience, and competencies to perform the job is very important, but only the first step. Culture fit is critical for success.”

Increased competition coupled with inflation has also impacted the market in terms of compensation. Families are having to pay a premium in many cases to hire their ideal candidate and candidates’ expectations are high. In addition, enhancing the compensation packages of current staff is a key retention strategy. 100% benefits coverage for employees and their families, long-term incentives, bonuses, vesting, and non-cash benefits such as flexible work arrangements are gaining in popularity. The panelists discussed compensation trends in the market, including the increasing use of long-term incentives, and shared numerous examples of LTI structures being used by family offices. “Well-designed compensation programs help build loyalty, preserve company culture and promote retention.” Regardless of the specific intent, Linda underscored how critical it is that the design of any incentive vehicle is aligned with family philosophy, objectives, and culture. “Incentives work. They drive behavior. So be certain you are driving behaviors that will be in sync with your goals.”

The session closed with a comment from Linda discussing the necessary ingredients Family Offices might consider to ensure ongoing success.

“Successful family offices recognize the future is now. They must be proactive, and strategic and continue to strengthen their value proposition. They are leveraging technology for both efficiency and effectiveness. The focus on value-add and return on investment will continue to grow.” Recruiting, retention, and succession strategies are fundamental keys to the success of every Family Office, and building a culture that will continue to attract and retain is its lifeblood.” 

About Mack International

Mack International is the premier, boutique retained executive search and strategic management/human capital consulting firm serving national and international clients in the family office, family business enterprise, and the investment and wealth management industries on a national and international basis. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by its unmatched industry expertise, in-depth market knowledge, and unparalleled track record of success. Founder and President, Linda C. Mack has established proprietary methodologies such as the Mack 360© and is credited for having coined the term “expert generalist” in the industry.