Family offices are interested in many of the same compensation and benefits areas as other businesses, yet there’s a twist. In a recent survey of 151 family offices, 58% of the participants said their top human capital challenge is attracting, retaining and developing their employees. That’s consistent with most businesses. But only 6% of the family offices have a formal HR manager position, while the rest rely on office executive staff.
The 2016 FOX Family Office Compensation & Benefits Survey was developed by Grant Thornton LLP in partnership with the Family Office Exchange (FOX). You can use the results to benchmark your organization across compensation and benefits categories such as employee training and development, short- and long-term incentive compensation, retirement plans, vacation time and paid time off. See what you might consider changing to stay competitive as your family office grows and matures.
Here are some highlights of the survey:
- 88% of participants expect to see their salaries increase in 2017; the median expected increase is 3%.
- 30% reported finding competent, experienced staff as the greatest human capital challenge.
- Nearly one-third of participants report that the family office is likely to hire additional full-time employees in 2016
- 65% of offices provide short-term incentive plans and 30% offer long-term incentives.