– Family Office Exchange (FOX) is a global membership organization focused on networking, objective guidance, and continuous learning for families, family offices, and advisors. In its most recent study on compensation, FOX revealed that family offices are maintaining exceptional employee retention. Contributing to employee loyalty are strong benefits including medical coverage and flexible work arrangements.
When it comes to salary increases, the study found that family offices granted a 4% median salary increase to 82% of their employees in 2018 and are planning on a 3% median increase in 2019.
These findings are part of the 2018 FOX Family Office Compensation and Benefits Report, a biennial survey containing compensation data for more than 150 family offices, covering 900 employees across 25 different staff positions.
“Understanding the full package, including professional development, base salary, incentives, PTO, benefits, and retirement, is crucial to our members,” said David Toth, Managing Director at FOX. “Access to this report in time for their annual budget planning and employee reviews is an invaluable tool that drives sound decision-making.”
“While strong benefit plans and flexible work arrangements have contributed to exceptional employee retention, family offices will need a recruiting strategy that effectively touts these benefits to attract a new generation of talent,” said Toth.
As in previous years, FOX partnered with Grant Thornton, who served as the study’s sponsor.
A summary of the study findings can be downloaded at http://www.familyoffice.com/2018-compensation-report. An infographic summarizing the key points is also available at https://www.familyoffice.com/insights/infographic-family-office-employee-retention-and-loyalty.