In this interview, attorney John Litchfield of Foley & Lardner’s Labor & Employment group discusses the key considerations family offices should keep in mind when it comes to domestic workers in the family office environment. Along with insights on household staff salary and wage treatments in accordance with the Fair Labor Standards Act (FLSA), John defines who qualifies as a domestic worker and the legal implications of hiring one.
Human Capital
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Hybrid Work Arrangements Drive Growth
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Employers need to be mindful of building culture as they embrace hybrid work. In this conversation, business leaders explore the topic and discuss the critical aspects of engaging employees in a hybrid work environment. They stress the importance of demonstrating company culture, fostering collaboration and innovation through purposeful in-person moments, and providing transparency in career development and overall organizational strategy. Learn how empowered and engaged employees drive client relationships and fuel business growth.
Organizations can fuel growth by planning for their specific human capital training and talent development needs. In this conversation on human capital, get to know the key considerations for companies to successfully align their human capital strategies with business objectives. Learn the importance of aligning talent development plans with future business needs, focusing on roles of the future. And see how workforce planning, automation, virtualization, and hybrid work environments can optimize capabilities and support future organizational growth.
As family offices turn their attention toward achieving operational excellence, they are facing tremendous challenges and opportunities to maximize efficiency and productivity across the enterprise amid constant change and uncertainty. As shown in this report by RSM, it’s the technology and talent considerations that rank as a top concern for many family offices. Additional feedback and key insights on it are provided from more than 500 family office executives, family members, and their advisors.
My Employees Are Using ChatGPT. What Now?
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The growth of ChatGPT and other artificial intelligence (AI) tools is not slowing down. From small startups to multinational corporations, employees across the spectrum are leveraging ChatGPT to enhance their productivity and streamline their workflows. Given the potential risks—including confidentiality and personal data and privacy violations—associated with the use of ChatGPT and similar tools, it’s crucial for companies to provide guidance to their employees.
American Employees Strive to Shape Work Environment
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As American employees strive to shape their workplace culture and work environment, identifying the human capital issues within an organization should be the foundation of any actions taken to address the needs of today’s workforce and future business needs.
Improving Upon the Employee Experience | 2023 FOX Family Office and Wealth Advisor Forum
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As the importance of retaining high-performing employees becomes more apparent in a challenging economy, employers should examine what they offer employees beyond financial compensation. Speakers will share the pros and cons of employee benefits to consider such as hybrid work environments, mental health services, parental leave, nursing mothers' programs, and more. Additionally, company efforts such as DEI and social impact, and developing a consistent workplace culture will be addressed.
Ask The Experts: Navigating Unprecedented Growth | 2023 FOX Family Office and Wealth Advisor Forum
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Wealth advisors continue to experience rapid growth, which on its face is positive – but firms can get into trouble if growth is not properly managed. Join a panel of experienced wealth advisors explaining the ins and outs of effectively managing growth. Topics discussed include identifying the right clients for your business, creating efficiencies and processes that make growth more manageable, creating the right training for employees, how to analyze client profitability, and more.
Building a Last 8% Culture: Keep Your Best People | 2023 FOX Family Office and Wealth Advisor Forum
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With 40-70% of people contemplating leaving their jobs, the challenge of retaining your top talent has never been greater. Yet, with many new hires in your organization and the challenges of a hybrid workplace, you are struggling to re-establish one of the most important levers you have to retain your best and brightest: your culture.
Cultivating Qualitative Skills for the Family Advisor of the Future | 2023 FOX Family Office and Wealth Advisor Forum
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Family advisors often have a strong technical or financial background, but the importance of cultivating communication style, emotional intelligence, coaching skills, trust-building, and similar qualitative skills to serve clients cannot be overstated. Join a panel of peers who will share how they meaningfully engage with family clients and discuss the invaluable impact of continuous qualitative skill development in today's ever-changing family-advisory environment.