Due to a much more complex global environment, family offices are adapting to new challenges from cybersecurity, to market volatility, more direct investments, social media, physical security, human capital, succession planning, the coronavirus, and of course the new generation of family members.
In our first of a series of blogs, we will address the hiring of family office employees.
In many cases, when a hiring need occurs, most families will ask other family members and their friends and professional service providers, if they know of someone who may be available and qualified for the position. This can be quite effective in finding a few prospective candidates, however is it the most effective way to hire?
Hiring qualified people today requires a much more comprehensive approach due to confidentiality, the risk of hiring someone who does not have the actual skills and qualifications that appear on their resume, the risk of theft, safety issues and a poor cultural fit.
While we suggest always asking for referrals, we also highly recommend using a much more sophisticated approach to hiring, by preparing a very detailed job description and list of requirements, utilizing a professional search firm that specializes in the area of hire, using personality profiles, obtaining and performing reference checks and comprehensive background checks. In a recent review of resumes that we receive unsolicited from candidates, over 50% of them had incomplete and/or inaccurate information. It is essential that due diligence is performed on all prospective hires.
Please contact Michael Rosenblatt, President of The Quest Organization at 212-971-0033 or via email at firstname.lastname@example.org for more information.