Staff turnover continues to be a major issue across sectors in the US – and the funds industry is no exception. According to the most recent figures available from the Society for Human Resource Management (SHRM), the average annual rate of voluntary turnover for US firms is 23%.
JTC’s 96% retention rate in 2023 breaks this mold and is one of the reasons that we continue to be selected as a trusted outsourcing partner to fund managers.
Why does effective resourcing matter in fund administration?
High turnover and poor retention of fund administrators can affect your business in multiple ways, including:
- Continuity issues: Delays and/or errors in processing information and delivering it to clients, regulators and other stakeholders.
- Loss of knowledge: Valuable institutional knowledge about your firm’s operations and processes can be lost.
- Reduced efficiency: Even new employees with strong experience from elsewhere take time to get up to speed and reach full productivity.
- Lower client trust and confidence: Clients’ loyalty to a firm is often tied to their relationship with specific members of staff.
- Reputation: Any combination of the above factors may lead to negative word-of-mouth that could damage your business.
The issues created by high turnover are compounded in highly skilled industries and subsectors, as it can take years for a person to gain the experience to perform their role efficiently and accurately. Fund administration is a good example of this and why staff retention is a key KPI for JTC.
Ultimately, being able to count on the stability and continuity provided by a highly-trained, experienced and flexible team of fund administrators will make your team more efficient, and your business more profitable.
How JTC can help
At JTC we deliver a high-touch service to our clients, acting as an extension to your team. We therefore prioritize staff retention as essential to delivering excellent continuity and quality of service.
The result is staff turnover that is well below the industry standard – and that has been progressively decreasing over the last three years. Last year our voluntary staff turnover halved, to just 4.0%, well below the 10% limit recommended by the SHRM. This is despite the fact that our people are highly regarded – and sought after – by other firms in the sector.
Partnering with us therefore gives you access to a highly motivated, experienced and reliable team of professionals, giving you the stability and flexibility you need. All backed up with our uniquely scalable and flexible technology platform.
Get in touch to find out more about we can help your business.
