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.
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.
Wondering whether your current compensation and benefits package is competitive? The Family Office Compensation & Benefits report from the 2013 FOX Family Office Benchmarking™ of 122 family offices provides industry intelligence on what your peers are doing related to:
You may also view highlights from this report in the following webinar, Family Office Compensation & Benefits, 2013 FOX Family Office Benchmarking.
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.