The SEC Is Facing Difficulty In Human Resources

According to an annual report from the inspector general’s office, the Securities and Exchange Commission (SEC) had its highest attrition rate in a decade this year.

According to the report, the commission’s attrition rate increased to 6.4% in the fiscal year 2022, up from 3.8% in the fiscal year 2020. Senior officer attrition was even greater this year, at 20.8%, which the study called most concerning.

At 8.4%, the turnover rate for attorney employment was likewise quite high. The figures for the fiscal year 2022 span the period from September 20 to September 20 of this calendar year. The federal government’s fiscal year runs from October 1 to September 30.

Acting SEC Inspector General Nicholas Padilla, Jr. wrote:

“The SEC is not alone in facing a crisis to retain mission-critical talent during what has been dubbed ‘The Great Resignation’. Critical elements of the federal workforce are in a state of stress.”

Warnings concerning the commission’s turnover are included in the internal watchdog’s annual report on the agency’s functioning. The 27-page paper also tackles regulatory oversight obligations, system and data security, and contract management. The report pointed out:

“The federal government is facing stiff competition from the private sector as increased wages and workforce engagement make private sector positions attractive to both new and seasoned professionals.”

Despite the increased turnover, the commission proposed 454 additional posts for the fiscal year 2023, raising its total personnel to 5,261 people. According to the inspector general, it lost around 289 personnel in the fiscal year 2022, which might make filling posts for next year difficult.

According to the report, the commission may solve its attrition difficulties by preparing for succession, personnel development, and performance management. The SEC may also expedite its hiring process since roughly half of all hiring activities require 100 business days or more to complete.

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Harold

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