One of the most significant issues to be considered in hiring for a family office is the “culture” of the organization. Each family has their own “family office culture” and it may or may not be reflected in the way the organization is run.
The interaction of the family members with each other as well as how they treat their employees will describe the true culture of the family office.
The family needs to share the same values and beliefs which must be reflected in the way that they deal with each other and with their employees. It is important that each family take the time to define their value system and ensure that everyone is on the same page and that they reflect those values in their everyday work life.
Understanding that when you hire an employee, you are not just hiring an employee, you are hiring them and their family too. So paying attention to the issues that affect everyone including their need for flexibility, work/life balance, education and medical assistance, fair compensation, challenge and growth are all essential.
Loyalty, trust and integrity are three of many key components that family offices require from their employees, however the employees have to also have trust in the family members and feel that they care about them as people not just as “workers”. Due to the high level of confidentiality that is necessary in a family office, we clearly want to minimize the amount of turnover and therefore ensure that we only hire candidates who will be there for the long term and of course, who are highly qualified for each position.
For additional information on how to create and/or sustain a culture that truly reflects the values of the family and will attract the right talent to your family office, please contact Michael Rosenblatt at: Michael@questorg.com or via telephone 212-971-0033.