It’s a competitive landscape out there so effective compensation strategies are key in attracting, retaining and inspiring top talent. For Family Offices, it is even more crucial because their operations are unique, and they need to balance financial performance with family values. This is where Agreus' compensation consulting can make all the difference.
Why Family Offices Need Compensation Consulting
Getting compensation consulting right is essential for Family Offices to stay competitive, attract top talent, and support their overall business objectives. By partnering with experts to review and benchmark compensation practices, Family Offices can:
- Establish fair and competitive compensation structures: This can aid in preventing dissatisfaction and reducing employee turnover.
- Attract and retain top talent: Stand out with tailored packages that appeal to top candidates.
- Align compensation with performance: Motivating employees to reach goals will contribute to the success of the Family Office.
With the right guidance, Family Offices can ensure their compensation strategies are both effective and aligned with their unique objectives.
Overcoming the Challenges of Compensation Benchmarking
Benchmarking compensation is tough for Family Offices because finding comparable data can be a real challenge. Unlike large corporations, Family Offices operate in private, often confidential environments, making accurate benchmarks hard to come by.
Agreus can address this challenge by using extensive industry knowledge and access to proprietary data to help Family Offices overcome these hurdles and make informed decisions.
What Makes Agreus Different
Agreus’ compensation consulting services stand out for several key reasons:
- Proprietary data: Our extensive database, built over 15 years of working within Family Offices, ensures we deliver accurate, up-to-date benchmarks. This is not just through collecting survey data, but through placing candidates in Family Offices and working closely with Family Office heads in structuring compensation plans.
- Years of experience: With a team of experienced consultants who understand the unique dynamics of Family Offices, we offer insights tailored to the industry.
- Broad network: Our connections with top industry professionals and organisations give us access to invaluable insights and resources.
- Personalised solutions: Every Family Office is unique, and so are our strategies. We customise our approach to meet your specific needs.
- Thorough reports: Our reports don’t just present the numbers, they include detailed findings, actionable insights and clear recommendations.
Benefits of Working with Agreus
By working with Agreus, Family Offices can benefit from:
- Improved employee satisfaction and retention
- Optimised cost-effectiveness
- Aligned compensation with financial objectives
- Reduced risk of legal and regulatory issues
Agreus Compensation Benchmark Report 2023
Agreus is a trusted leader in Family Office recruitment. In collaboration with KPMG Private Enterprise, we produced the 2023 Global Family Office Compensation Benchmark Report, one of the largest global reports of its kind. Drawing on over 650 responses from Family Office professionals and more than 13 years of primary data collected by Agreus, the report serves as a vital resource for standardising compensation practices in Family Offices worldwide. We are currently working with KPMG on another significant compensation report, which is scheduled for release in 2025, which will provide even more valuable insights for the Family Office space.
The report offers regional-specific data, enabling Family Offices from across the world to have a better understanding of compensation benchmarks in their respective jurisdictions. But it goes beyond numbers, delivering other actionable insights that empower Family Offices to make informed decisions. For instance, it highlights that 74% of Family Offices supported remote work from home last year, reflecting an industry shift toward flexibility. Additionally, the report delves into succession planning, wealth transfers, governance structures, and investment preferences, addressing the nuances that shape Family Offices operations.
By leveraging insights from Agreus's Compensation Benchmark Report, Family Offices can enhance their performance and stay ahead in the race for talent. Recognising the importance of benchmarking and effective compensation, Agreus provides specialised compensation consulting services designed to meet the unique needs of Family Offices.
Our rigorous process engages all stakeholders to develop a clear understanding of the roles involved and the needs of the organisation. Combined with our extensive primary data and years of experience, we have successfully helped Family Offices worldwide enhance and professionalise their compensation structures.
Effective compensation is critical to the success of any Family Office. By partnering with Agreus, you can align your practices with industry standards, attract and retain top talent, and support your long-term goals.
Ready to optimise your Family Office’s compensation structure and operations?
Contact Agreus today to learn more about our comprehensive compensation consulting services.