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Building strong teams and retaining key employees is a challenging task for fund administrators in normal times – and we are, undoubtedly, not in normal times. Global labor shortages aside, competitive compensation packages across the specialized financial services sector are making it more expensive and challenging to retain superstar employees, at a time when the fund administration industry is seeing a boom of mergers and acquisitions.
Maintaining in-house talent is even more critical for fund administrators, who don’t have the luxury of being able to outsource or co-source some of the functions that many fund managers opt to unload.
But what fund administrators can do is invest in technology that streamlines processes to make their employees’ jobs easier. And that’s one of the unsung benefits our fund administration software platform provides.
Professionals in the fund admin industry routinely cite three reasons why the right technology can positively impact their workforces. Fund administrators of all sizes should ensure their current vendors offer the benefits listed below or should be prepared to shop around.
Manual processes equal stressful processes. Not only do rote and repetitive processes fatigue your employees and wear down morale; they expose avoidable opportunities for human error.
The right technology can help automate those repetitive processes. And by doing so, it can help remove risk from the equation. This has a direct benefit for fund administrators and their clients.
Technological upgrades also have a significant benefit on your employees. They no longer have to worry that all the numbers on a client report were precise or if a distribution was emailed to the right tax contact. Every employee wants to avoid making costly and embarrassing manual errors. The right fund administration software can help them do just that.
By investing in solutions that reduce employee stress, you may help your bottom line. Higher stress levels are associated with lower productivity scores, per the Kansas Journal of Medicine, and stressed employees are three times more likely to leave their jobs.
Beyond the tangible benefits of streamlined workflows and de-risked processes, technology offers a more elusive appeal – the “cool” factor.
Implementing next-generation technology not only eliminates manual repetitive work across your team. It can also expose your team to new skills and more innovative processes that are helping drive our industry forward. This gives them valuable career experience, encourages creative ideas, fosters a culture of continuous improvement, and allows for more enjoyable and satisfying work.
When you compare the before of having to manually manipulate client data in Excel for hours on end to the now of having fund administration software deliver substantial time savings, reliable enforcement of controls, and smart team-based workflow automation, you can start to see why folks are getting excited about the future of fund accounting.
Because technology can help automate many of the most tedious processes, team members have more free time during their workdays.
Allvue’s Fund Accounting solution can reduce the capital call process from 10 hours to 10 minutes.
With that time back on their calendars, your team can execute on the higher-value work that sets your company apart and makes them excited to do their jobs. Excellent, error-proof client service doesn’t just strengthen client relationships and make for better business; it makes for a more rewarding and engaging career.
At Allvue, we see ourselves as partners with our fund administrator clients. In this extremely competitive marketplace, our market-leading solutions help give our customers a competitive edge by helping build a stronger workplace culture, more resilient teams, and superior client service.
Learn how our Fund Administrator solution set can help us partner with you.
Learn more about how Allvue can help your business break down barriers to information, clear a path to success and reach new heights on the investment landscape. Fill out the form below and we’ll reach out to talk more about how we can help your business.