Although the history of family-run businesses can be traced back for centuries (the Habsburg dynasty being one of the most recognisable names), modern family offices still face a number of unique challenges. One example involves a business that is constantly striving to balance different interests within a single model.
This is likewise when a touch of office politics may sometimes come into play. In other words, how can you hire the most qualified candidates for specific positions without stepping on any proverbial toes?
Although this can represent a complicated scenario with many moving parts, a handful of strategies come to mind. We will examine four approaches immediately below.
Navigating Hiring Challenges in a Multi-Principal Family Office
1. Access a Diverse Pool of Potential Candidates
Sourcing talent from scratch is no easy task; especially if the role in question requires a fair amount of expertise. This is when the power of agencies such as Cora Partners family office recruiters begins to emerge.
Multifaceted recruitment firms can provide a host of bespoke solutions, saving family businesses the time of performing such actions themselves. It is likewise possible to narrow down the field of potential applicants in accordance with your short- and long-term goals.
2. Consider All Sides of the Equation
We are all aware of the ismportance of communications when discussing any type of successful venture. This is just as relevant in terms of family-run companies that revolve around multiple interests. One of the best ways to avert any misunderstandings is to clearly speak with all relevant stakeholders during the hiring process.
Team leaders, company secretaries, department heads, and directors are some common examples. Clarifying your expectations, and hearing all sides of the story, are excellent ways to make an informed decision when the time is right.
3. Define the Role in Question
Candidates must also be aware of their responsibilities. After all, it makes little sense to hire a new staff member (after overcoming a significant number of objections) only to discover that he or she does not possess the appropriate set of skills. Duties should be clarified at an early stage, ideally during the very first assessment. This will help to ensure that potentially costly mistakes are avoided.
4. Prioritise Your Family Ethos
Multi-principle family offices should still share fundamental principles and values. So, it only stands to reason that candidates must possess these very same traits. Ensuring that prospects align with your family ethos will streamline the recruitment process.
Ethos can likewise bridge the gap between disparate internal interests. For instance, a business involved with marketing a variety of different products to numerous target demographics will still prioritise certain core values (such as transparency, and building long-term client relationships).
Staff members capable of embracing these traits will contribute momentum to the organisation; an obvious advantage from a longitudinal perspective.
Although family office politics can sometimes lead to conflict, there are many ways in which these scenarios may be avoided by embracing the strategies outlined above.
