We often talk about Cultural Fit. Ensuring your next hire shares your values, ideals and behaviours. But while a workforce made of perfectly aligned professionals allows for a robust and well-balanced team that is also dynamic and amenable, competencies are still key.
During the hiring process, Family Offices can run the risk of following one of two dangerous paths. The first is to search for Cultural Fit in their next hire and treat competencies as secondary. Then there are those who in the hunt for the most-competent professionals, forget to consider culture as part of the hiring process.
The two are not mutually-exclusive. You can use a meritocratic approach to find the most-skilled, qualified and competent person for the job who is also able to fit perfectly into the culture of your Family Office. Equally you could find a perfect Cultural Fit hire who lacks in qualifications but has a desire to learn.
We once worked with a Family Office in the Film Industry where the Principal chartered a yacht every summer. Each yacht came with a crew, charged with the upkeep and one summer, one crew member in particular caught his attention. He was young, a cleaner and used his summer holidays to earn money while having new experiences. He was also an aspirational Film Director, something this Principal knew a thing or two about. He decided to give this crew member some scripts to look over and true to his word, he did. He spent all night annotating the documents, finding flaws that had otherwise gone undiscovered and impressed the Principal. He showed passion, charisma and an ability to solve problems and by the end of the charter, he had secured a role within the Family Office. Today he heads up the Family Office.
You do not have to sacrifice skill-set to make a Cultural Fit hire and equally, you do not have to hire the same type of person over and over again to ensure you find the right profile. They are not mutually-exclusive so long as you stay open-minded and challenge your own concept of the ideal hire.
Read our top tips to attaining both competencies and Cultural Fit in your next hire by downloading The Complete Guide to Cultural Fit.