During this very challenging time, family offices and all organizations have had a difficult time figuring out whether to hire, how to hire and if they do hire, how to onboard and manage the individuals that they have hired.
Due to social distancing and in order to prevent the spread of Covid 19, most organizations have been using video conferencing as the most effective tool. What most family offices and companies are finding is that it can be a very good way to interview, evaluate and even hire and manage their employees.
Of course the first most essential thing to consider, whether through video conferencing or in person hiring, is to determine the most important issues to consider when making a hire.
The first and most significant consideration is the “cultural fit”. In Family Offices especially, there is no place to hide as there are typically not a lot of people in the organization. Because family offices differ quite a bit from the corporate environment, it is important to define the culture of the family and list the attributes that would work for them. In many of our assignments, we find that someone from another family office is usually preferred, however individuals from other organizations have also been quite successful in transitioning to a family office. Candidates from smaller entrepreneurial firms, financial services firms and other relative industries similar to the family office, seem to work the best.
The second critical area is their skill set. They must have outstanding skills and expertise for the role that they are being considered for and they must be able to work independently with a proven track record of success.
The third area of consideration is that they must be flexible and reliable. Many principals can be extremely demanding and can change their mind on the spur of the moment. Candidates must be able to adapt quickly and have the mindset to do “whatever it takes” to get the job done. It is also essential that the successful individual has the mindset to be available whenever the Principal needs them.
If you have any additional questions, please contact Michael Rosenblatt, President of The Quest Organization at Michael@questorg.com