Family Offices Face Major Hiring, Retention Crisis | JQJO

A new report reveals that ultra-wealthy family offices struggle to hire and retain staff, despite high compensation. The survey of 146 family offices found that nearly 80% faced hiring difficulties, with the problem most acute among large firms managing over $1 billion. High turnover, averaging one departure every nine months in large firms, is partly attributed to a lack of long-term career opportunities and fierce competition from institutional investors. Experts suggest that improving career prospects, offering better benefits, and considering outsourcing can help address these challenges.