‘Cultural fit’ is not a buzzword, but an essential part of Family Office recruitment. Family Offices are by their nature highly personal workplaces, with staff members usually having close relationships with the family they serve, as well as with their colleagues, and so are likely to stay in their jobs for a long time.

This unique bond sets Family Offices apart from other types of business, and is the reason why cultural fit is particularly important for them. It’s also why you need to look beyond the technical competencies of a candidate, and place just as much, if not more, focus on the values and goals of a candidate when assessing whether to employ them or not.

As a recruitment specialist for Family Offices, we want to make sure you have all the information you need to find your perfect cultural fit hires. This article will walk you through the common cultural values of Family Offices, as well as how you can assess cultural fit as part of the recruitment process.

Common cultural values of Family Offices

For Family Offices, a new hire often feels like gaining a new member of the family. That means that, in addition to being professionally qualified and competent, they need to be a great cultural fit too, embodying, the values and beliefs of the family. Recruiting for cultural fit allows the Family Office to properly align the prospective team around shared vision and values, contributing to its success and longevity.

Here are some common values and characteristics to look for in the recruitment process:

  • Discretion
  • Loyalty
  • Compassion
  • Patience
  • Emotional intelligence
  • Long-term thinking
  • Commitment to the family’s vision and values

Bear in mind that no two families are the same and neither are their respective Family Offices. To recruit for cultural fit, you must clearly understand the culture that is unique to your Family Office by identifying its values, beliefs and the ideal qualities the prospective employee should possess.

 

Assessing Cultural Fit

Here is a list of interview questions we find helpful in assessing cultural fit:

  • Discretion is crucial in this role. Can you share an example of a time you had to exercise discretion even when it was difficult?
  • Long-term planning is key for many Family Offices. How have you taken a long-term view in your past work rather than focusing on quick returns?
  • Building trust-based relationships with the family behind the Family Office is vital. How have you cultivated lasting relationships in your previous roles?
  • Ultra-high-net-worth families value privacy and confidentiality. If faced with a situation that tested confidentiality, how would you respond?
  • Our team works closely together with minimal bureaucracy. Share a time when you preferred working in a collaborative, seamless environment.
  • You are required to understand the full context of a family before making recommendations. Can you share an example of when you had to deeply understand a client’s unique situation?

 

Onboarding new hires

Not only is onboarding crucial for integrating new hires, but it also helps to ensure employee retention. That’s why we recommend providing recruits with plenty of social and emotional support, not only throughout their employment, but especially when they first join. Creating opportunities for them to connect and interact with their peers, managers and leaders is essential as it helps them feel welcomed and valued.

On top of that, you can assign the new hire with mentors to help them navigate the workplace culture and expectations. You can also use indicators, such as engagement, satisfaction, productivity, retention and feedback from peers to evaluate how well your new hire has integrated with your culture after an initial settling in period.

Hopefully, now, you will appreciate why assessing cultural fit should be just as important as assessing core competencies. Hiring someone not aligned with your Family Office’s existing values will negatively impact staff morale, performance and productivity, so it is critical to get it right. Using a recruitment specialist offers tried-and-tested processes to ensure you only hire the right candidates.

Here at Agreus, we provide tailored and dedicated services to our Family Office clients. We take time to understand each office’s culture, the existing team members’ way of working, and the family’s values, before looking for potential recruits. Only then will we set out to find a new hire that will be a perfect fit for that particular client.

For a more tailored conversation about hiring for your Family Office, don’t hesitate to get in touch.

You can access our ‘The Complete Guide to Cultural Fit’ here:

https://www.agreusgroup.com/the-complete-guide-to-cultural-fit/