Shared success
Shared success: do employee ownership models really drive increased retention & superior service delivery?
Do shared ownership models foster inclusivity and reward hard work? Altum Group’s Conor Roche, Head of Human Resources shares his firsthand account of how this powerful framework can transform company culture.
Altum introduced its unique shared ownership model with a clear mission: to reward hard work, promote inclusion, and develop a shareholder mentality among all employees across the global business.
The power of shared ownership
In our highly competitive industry, staff turnover is a persistent challenge. Industry reports indicate that the average annual staff turnover rate within the sector hovers around 20-25%. It is widely recognised that high turnover disrupts client relationships, places a burden on teams, incurs significant recruitment and training costs, and can erode company culture from within.
We realised that to retain top talent and provide exceptional service to our clients, we needed to do more than offer competitive compensation; we needed to make every employee feel genuinely invested in our collective success.
By allocating a percentage of the business to be owned by all employees, we aimed to:
- reward hard work by providing tangible recognition for each individual contribution;
- promote inclusion by ensuring that everyone, regardless of their role, has the genuine opportunity to share in our successes; and
- foster an ownership mindset where employees think and act like shareholders, driving innovation and accountability to deliver our collective goals.
Shared ownership.
“Employee-owned companies tend to see the biggest performance advantages when employees think and act like owners.” Harvard Business Review
Altum Group’s shared ownership launched in September 2023 empowering and motivating our team to go beyond.
- ‘Above and Beyond’ service
- Alignment of stakeholder interests
- ‘Entrepreneurial’ outlook
- Ensures collective focus on success
- Creates long-term perspective
- Engagement and retention
The impact: industry-leading staff retention
Since implementing the shared ownership model, we’ve achieved an average annual staff turnover rate of just 4% over the past two years. This is significantly lower than the industry average and is a testament to the strength of our team and the effectiveness of our approach.
The value of stability in a consolidating market
In recent years, our industry has experienced significant consolidation. Mergers and acquisitions among larger firms have become commonplace as organisations strive to increase market share and achieve economies of scale. While consolidation can offer certain efficiencies, it can sometimes lead to higher staff turnover rates at these larger entities. Employees may face uncertainty during transitions, and cultural shifts can result in decreased morale and increased departures.
This industry-wide trend has had a ripple effect on clients. High turnover within service teams can disrupt client relationships, lead to knowledge gaps, and compromise the quality of service. As a result, clients are increasingly seeking partners who can offer stability and consistent, high-quality service.
Altum’s commitment to a shared ownership culture
Our unique approach and exceptional staff retention position us uniquely in this evolving landscape. Our exceptional retention rate means clients can trust that the team they begin working with will remain consistent over time. This stability promotes deeper relationships, better understanding of client needs, and ultimately, superior service delivery.
Clients are increasingly valuing stability and long-term partnerships over the breadth of services that larger, consolidated firms may offer. Our personalised approach resonates with clients and prospects who are seeking reliability and a deep, sustained understanding of their business.
Discussions with prospective clients now often centre around the longevity of our team and how our shared ownership model contributes to a stable workforce. Clients appreciate knowing that the people they entrust with their work will be the same dedicated professionals year after year.
Bright future ahead
Our journey is ongoing. Shared ownership is a key differentiator, and we are continuously refining our model to adapt to the evolving needs of our employees and the market. We’re committed to maintaining an environment where hard work is rewarded, inclusion is paramount, and every voice matters.
We’ve learned that when employees feel genuinely invested, in both senses of the word, their commitment, innovation, and satisfaction soar. In a time of industry consolidation, this stability and shared purpose not only benefit our team but also provide the consistent, high-quality service that our clients increasingly value.
About Altum Group
We are a leading international provider of Fund, Corporate, and Family Office solutions. Established in 2000, Altum Group has more than $40bn AUA, with over 200 dedicated employees across five jurisdictions.
We have a highly-experienced team who work closely with clients, delivering an exceptional service by drawing on our extensive skills and knowledge.
We offer tailored solutions across multiple products and jurisdictions, led by our highly skilled directors and supported by a team of dedicated experts.