{"id":40267,"date":"2025-03-04T15:51:44","date_gmt":"2025-03-04T20:51:44","guid":{"rendered":"https:\/\/gtm.com\/household\/?p=40267"},"modified":"2025-03-10T11:40:54","modified_gmt":"2025-03-10T15:40:54","slug":"keep-your-best-employees","status":"publish","type":"post","link":"https:\/\/gtm.com\/household\/keep-your-best-employees\/","title":{"rendered":"How To Keep Your Best Household Employees"},"content":{"rendered":"

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For family offices and high-net-worth families, employee retention is crucial<\/a>.\u00a0 Long term staff are the backbone of seamless operations, providing invaluable support and discretion.\u00a0 Losing key employees can disrupt everything, from daily management to long-term goals.<\/p>\n

Retaining top household and estate staff in today’s competitive job market requires more than just a good salary. Let\u2019s explore strategies family offices can use to keep their best employees.<\/p>\n

Compensation<\/h2>\n

Competitive compensation is essential for retaining employees, and family offices should regularly benchmark their household staff’s performance. Even when things are running smoothly, it’s still crucial to conduct annual reviews. These reviews help ensure salaries remain competitive and provide staff with valuable opportunities to voice concerns or request adjustments to their compensation.<\/p>\n

Vacation and Sick Time<\/h2>\n

Generous benefit packages can go a long way to retaining household staff. Family offices should prioritize offering ample vacation and sick time, recognizing the importance of work-life balance, which can often be overlooked in demanding service roles. Paid family and medical leave and\/or mandated sick time are required in many states including California, Massachusetts, and New York.<\/p>\n

Health and Other Benefits<\/h2>\n

Providing health benefits demonstrates a family office’s commitment to the long-term well-being of its household staff.\u00a0 There are many ways a family office can effectively provide health benefits for their employees, including an Individual Coverage Health Reimbursement Arrangement (ICHRA)<\/a>. Under an ICHRA, the family office contributes a fixed amount to an employee\u2019s account. Staff can then choose their own health insurance plan that suits their needs and preferences and get reimbursed by the employer for the plan’s premiums and\/or other qualified medical expenses. Another option is offering a Flexible Spending Account (FSA)<\/a>, allowing staff to save on healthcare costs by using pre-tax dollars for medical or childcare costs.<\/p>\n

Retirement plans are a crucial component of a robust benefits package for household staff.\u00a0 Offering a well-structured retirement plan<\/a>, such as a 401(k) or similar, demonstrates a long-term commitment to your employees.<\/p>\n

Positive Work Environment<\/h2>\n

A positive work environment can go a long way for family offices seeking to retain their staff. This includes fostering open communication, mutual respect, and consistent recognition.\u00a0 Acknowledging staff’s long-term contributions demonstrates a commitment to their professional growth and reinforces their value.\u00a0 A dedicated HR consultant can play a vital role in maintaining this positive environment for larger family offices.<\/p>\n

A family office that prioritizes competitive salaries, comprehensive benefits, and a positive work environment will cultivate a team of loyal, dedicated employees invested in the family office’s long-term success.<\/p>\n

At GTM, we understand the unique needs of family offices and can help you develop and administer competitive compensation and benefits packages that attract and retain top talent. Call\u00a0(800) 929-9213<\/a>\u00a0or\u00a0schedule a complimentary, no-obligation consultation<\/a> at your convenience.<\/p>\n

Download The Complete Guide to Household Payroll<\/h2>\n

Get our complimentary guide and learn everything you need to know about paying your employees legally and filing your taxes the right way.
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