Compensation and benefits costs are consistently the biggest line item in the family office budget, and turnover is costly in human and financial terms. Devoting the time and resources necessary to develop a competitive compensation and benefits structure and encourage the success of each employee is a worthwhile investment in the future of the family and the office.
Wondering whether your current compensation and benefits package is competitive? Looking for ideas to reward and retain employees beyond the paycheck? The Family Office Compensation & Benefits Report from the 2016 FOX Family Office Benchmarking™ of 151 family offices provides industry intelligence on what your peers are doing related to:
- Family office compensation practices – prevalence of employment contracts, severance policies and annual employee reviews
- Incentive compensation – methodology and nature of short- and long-term incentives
- Benefits and perquisites – what is offered to whom, and what does it cost the office
- Paid time off – vacation, maternity and flexible work options
You may also want to view our on-demand webinar, featuring Highlights from the 2020 FOX Family Office Compensation and Benefits Survey.
Also available to you is the 2020 non-participant report that highlights key family office compensation and benefits areas, and provides invaluable perspective on your office’s plan relative to your peers.
The Family Office Personnel section of 50 Best Practices for an Enduring Family Enterprise outlines the importance of detailed position descriptions for each employee, tying employee goals to company-wide goals, and annual performance evaluations.
Compensation experts from Grant Thornton examine different approaches for compensating key staff members, with an emphasis on long-term, deferred structures in the Aligning Compensation Structures and Family Goals presentation. Grant Thornton provides additional thoughts in a webinar titled, Family Offices and Compensation: Evolution of the Dynamic Duo.
In The Employee Benefits Cost Management Challenge, HUB International Personal Insurance explores how disruptive changes in healthcare and employee benefits are opening up a rich set of options to help family offices and businesses respond to the needs of the workforce.
Tools, Resources, and Samples
Every employee should have a detailed position description that outlines his/her key job responsibilities. Check out the Shared Templates for sample family office job descriptions.