With the increase in UHNW household staffing requirements, the war for good talent has driven compensation upward, especially for highly skilled, discrete, experienced staff members. There has also been an increase in the complexity of household management as large multi-property estates are operating more like a small business with a single organization and seamless processes functioning across multiple locations. On the HR side, however, these same organizations are slow to incorporate the HR processes that shore up employee retention, support employer compliance and support overall household operational goals. Sometimes, HR is only considered once there’s a specific problem to solve. For compensation in particular, the waters are muddied for household employment, benchmark pay ranges give little guidance, and total rewards are sometimes implemented inconsistently across the household.
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