CHICAGO, Aug. 2, 2020 /PRNewswire-PRWeb/ -- Linda
Mack, founder of Mack International, facilitated a virtual
round-table discussion on Human Capital: Disaster Recovery,
Business Continuity, and Succession within the single-family
office. The event was sponsored by Fidelity Family Office Services
and Metcircle Networking, whose members are large family offices in
the tri-state region. The past three months have created many
challenges and changes within family offices, particularly with
respect to human capital. As a thought leader in the industry,
Linda shared her insights and observations while facilitating an
informal conversation on how the COVID-19 crisis affected family
offices and human capital working remotely.
Linda opened the conversation by asking how many families felt
prepared for the pandemic from a business standpoint. Most
participants reported being fairly well prepared. "This was
reassuring," said Linda. "When faced with such an unforeseen
situation, the creativity, adaptability, and ability to react was
impressive." Several families remarked the experience with 9/11
inspired them to have plans in place to quickly pivot to working
remotely. They had wisely invested in their infrastructures in
anticipation of such an event, so business continuity was not
adversely affected. "It's difficult to react without a plan.
Proactive families had the necessary technology, process, and
procedures to immediately implement their contingency plans."
Participants stressed the importance of communication in keeping
staff highly engaged and committed. People shared how they kept the
energy at peak levels by regularly communicating to staff how much
they were valued and appreciated for their hard work despite the
unique challenges of working from home. Linda cited some
interesting morale boosters. "Some families added social meetings
to the calendar. Virtual happy hours where casual interaction took
place were a welcomed break from formal conference calls and served
to stem a feeling of isolation."
Human Capital practices such as hiring, and onboarding were
particularly affected by COVID. Linda explained. "Most people are
comfortable with video conferencing for ongoing communication—but
can you really hire an executive without meeting them? It turns
out—while not ideal—that many families that needed to make a
crucial hire and felt they found their "match" made an offer and
successfully hired their candidate."
What impact will the pandemic have on the family office of the
future? According to Linda and audience feedback, not everyone is
comfortable working 100% remotely. "Experience during this pandemic
has proven that families and family offices can effectively operate
and work on a remote basis. But human interaction is still highly
valued. Engaging in person adds a dimension that cannot be
duplicated long distance. We don't have a choice right now. When we
do return to our offices, COVID has taught us business can go on
remotely, so the future may hold more flexibility in how and where
work happens."
About Mack International LLC
Mack International is the premier, a boutique retained executive
search and strategic management/human capital consulting firm
serving national and international clients in the family office,
family business enterprise, and the wealth management industries on
a national and international basis. Founded in 2002, the firm has
achieved an exceptional track record of success as evidenced by its
unmatched industry expertise, in-depth market knowledge, and
unparalleled track record of success. Founder and President,
Linda C. Mack has established
proprietary methodologies such as the Mack 360© and is credited for
having coined the term "expert generalist" in the industry.
SOURCE Mack International