Family offices are not alone in facing workforce and workplace challenges brought on by the pandemic.
Key takeaways
A transformation of the working world has many organizations embracing changes to maintain operations and stay competitive.
Considerations for family offices may include technology upgrades to increase efficiency and employee productivity.
Changing work patterns have businesses responding, may signal need to modernize the family office
Family offices are not immune to workforce and workplace challenges brought on by the pandemic. Like many other businesses, they’ve had to be strategic to maintain operations such as leveraging managed services to keep supporting functions at peak performance.
What more can family offices do to ride out these uncertain times? The RSM US Middle Market Business Index survey on changing work patterns shows a fundamental transformation of the working world, offering insights into how businesses are adapting and what the future may hold.
“While families have had less of a talent struggle during this time than other industries, they have experienced a bit of a technology revolution. Many family offices were forced to go digital to make it more viable for employees and family members to work and collaborate remotely,” says Christina Churchill, principal, management consulting at RSM US. She predicts this technology trend will continue as new work models emerge.
Families have experienced a bit of a technology revolution; many family offices were forced to go digital to make it more viable for employees and family members to work and collaborate remotely.
Christina Churchill, principal, management consulting
Consider that one-third (36%) of senior executives at middle market companies who participated in RSM’s survey said they now have people working remotely who were not doing so before the COVID-19 pandemic. Of those companies, almost two-thirds (65%) have embraced a hybrid option, and almost half (48%) have made remote work a permanent option for some employees on a full-time basis. It is noteworthy that the majority of survey respondents (77%) said reduced productivity was not an issue at all or a minor issue.
Still, the rise in remote workers has many organizations planning or considering investing in automation or information technology, with 73% of respondents citing their goal is to increase efficiency or productivity of employees. This move toward digital transformation signals important considerations for family offices; namely, what upgrades could improve operations and productivity within the family enterprise?
For more insight into work pattern trends and how businesses are adapting, read the full report.
RSM contributors
Subscribe to Family Office Insights
Gain fresh perspective and valuable insight on key family office topics.
