In today’s work environment, finding top talent is key. It can often be frustrating weeding through resumes of individuals who don’t have the expertise or experience you’re looking for, so when you do find the right person to hire – you want to ensure they are invested for the long term.
Finding the best of the best goes both ways, though, too. Employees are looking equally for a company with shared goals that align with their values. They want to be treated with respect, a healthy culture, and wages and benefits that allow them to live comfortably.
When it comes to your family office, there is a war on finding top talent. In fact, many places are offering employees equity, profit shares, and carried interest in order to attract and retain top performers.
Here are some ways that some family offices are creating robust compensation plans.
Profit Shares
One way family offices are attracting qualified employees is by providing employees a cut in profits. In other words, if your family office makes a deal to buy a private company for X amount of dollars then sells it for a profit, the employee could get a percentage of that deal. No deals, no shares.
Bonuses
Regular, generous bonuses are some of the best ways to keep your employees motivated to work hard and invest in the growth of the family office. By rewarding your employees with significant performance compensation, they will feel recognized, seen, and driven to keep propelling the office to the next level.
A Well-Rounded Culture
By fostering a positive and collaborative environment where employees feel valued and heard, you have a better chance of retaining them for longer. In addition, focusing on a healthy work-life balance is also critical.
Consider offering flexible work arrangements and respect your employees’ time when they are away from the office. Provide opportunities for them to maintain their health and wellbeing by providing good health insurance and benefits that include paid time off for holidays, mental health days, and a robust vacation day package.
Career Development Opportunities
At the time of hire, listen to what your employee’s career goals are. Determine ways that you can come alongside them to help advance their career and find a path that gets them to where they want to be. For example, offer time for them to get paid training or certifications, encourage internal mobility, and implement programs where more experienced staff can mentor new employees.
Investing in your employees is always worth it.
At Household Staffing, we specialize in helping family offices find the cream of the crop when it comes to hiring personal assistants, chief of staff employees, and much more. We have experience working with well-known, nationally recognized firms and family offices and take pride in listening to each one’s unique needs. Our personalized approach ensures that you hire the best employee for that role.
Contact us today to learn more about how our team can place a team of skilled employees in your family office!
