Date: Oct 08 2020
Covid-19 has certainly changed the landscape and created a new normal, along with many decisions and points of challenge. Here Cassie Atteberry (Principal at Talent Outside the Lines) and Neil Kreuzberger (President and Founder of Kreuzberger, LLC) share wise counsel to family offices for managing talent in this new paradigm.
A lot of things look very different to us now. For one, we have a much heavier reliance on technology, both at work and at home. And we’ve seen a shift from work/life balance, now to work/life integration.
However, despite so many changes, a lot is still the same. The family office you support still need your services. The work must go on. And people are still individual people – who need and want to work with purpose, and feel like they belong.
Change is the only constant. Atteberry says – this isn’t the new normal; this is the new now. Resilience, creativity and adaptability are key, especially for leaders. We don’t know what this is going to look like when this is over.
How does being virtual help family offices to find talent? For one, technology enablement is key. Secondly, it’s much easier to reach candidates in a virtual setting. On the flip side, it’s near impossible to manage an in-person screening process, and it’s more difficult for candidates to evaluate the culture of the business.
And how do family offices retain talent during the pandemic? Our experts share three keys to retention:
- Ensure employees are participating in interesting and meaningful work.
- Provide fair and competitive compensation.
- Cultivate a strong and well-defined culture.
Leaders must pay attention to team members in a virtual model, and they must know what’s going on and be flexible, allowing for thinking and navigating outside the box. Further, strengthen and build a culture of trust. Speak openly about trust with your team, as it is the foundation that allows for common goals and satisfied employees.
The real question seems to be, is this state of “work from home” temporary or permanent? Both yes and no. Think about the implications of both sides, and what this means for your people, practices, policies and organization. Here are some recommendations from Kreuzberger and Atteberry:
- Have a strong value proposition
- Provide a good employee experience
- Evaluate your structure
Peter Leo, SHRM-CP, is an accomplished Human Resources Leader with decades of experience leading human resources teams with a specialty in talent acquisition, benefits, employee engagement & relations and HR technology. He has a proven success record working within the financial services, technology, financial technology, manufacturing and services industries.