Family Office Recruiting Challenges
There are two challenges that immediately come to mind when trying to find a job within the family office industry. Both of these challenges could prevent you from receiving a job and should be taken in to consideration when undergowing a job search.
1. Compensation levels can be a real challenge within the industry. To get the best talent that can wear multiple hats and move quickly and really serve a family office well you often do have to pay close to top dollar and a lot of family wealth offices are ran by entrepreneurs that are somewhat thrifty and have watched the dollar from the beginning to make sure it is not spent unwisely. And they might not be comfortable paying $750,000 or $650,000 a year. So that can be a challenge just overcoming that hurdle can be a big problem.
2. Another challenge I wanted to mention was that because of the reputation within the industry a lot of people are afraid to even go interview for a job because maybe someone in that office building will recognize them and realize that they are interviewing for a job and they are worried it will get back to their current employer, they'll lose their job, and it could take them a couple years to find another great job working at a large family office. It's a very real concern, and the executives that come to me, one of the first things they talk about is just being discrete in what they are looking for and making sure we do not mess up their current career and the progress they're making there.
These challeneges can make navigating the industry very difficult. By realizing the challeneges it can help assist you in advancing your career. If you can wear many hats and are driven to work in a family office, then it is possible to crack into the industy. In order to make it, you have to show other peers the value you can bring to the table. If you can showcase your relative industry experience you can really assist yourself in landing with a family office. It can be difficult to get started, but you need to lay out clear cut goals for your career, then start at the bottom. If you start as an analyst you can still work your way up through the ranks. If you just decide you do not want to be an analyst and work outside of the family office industry it can be harder to get in later.
I hope this advice is helpful to you if you are just getting into the industry or trying to recruit people for the first time. I think that you will relate to many of the challenges I'm talking about here.
What we offer is a solution to many of these headaches. Over 1,000 family offices globally are members of the Family Offices Group. We are in about 70 different countries now and we can help you with talent searches, recruitment, and executive searches.
If you want to learn more please visit us at http://www.FamilyOfficeExecutiveSearch.com, and if you want to check out our Family Office Group please go to http://www.FamilyOfficesGroup.com. Thank you.
Article Source: http://EzineArticles.com/?expert=Richard_Wilson
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