According to the report of the Inspection Board Securities and Exchange Commission (SEC) in fiscal year 2020 3.8% attrition rate in fiscal 2022 6.4%′e rose.
The attrition rate for senior civil servants was even higher, reaching 20.8% this year. This rate was described as the most worrying rate in the report. The attrition rate for lawyer positions was also slightly higher at 8.4%.
SEC Sees Highest Attrition Rate in a Decade This Year, According to Inspection Board’s Annual Report
Nicholas Padilla, Jr., Acting Inspector General of the Securities and Exchange Commission. “The SEC is not the only institution facing a crisis in retaining mission-critical talent in the so-called “Great Resignation,” he wrote.
“The federal government faces stiff competition from the private sector as rising wages and workforce participation make private sector positions attractive to both new and seasoned professionals,” the report said.
Although layoffs increased, the Securities and Exchange Commission requested 454 new positions for the 2023 fiscal year, bringing the total number of personnel to 5,261.
According to investigators, the agency lost about 289 positions in fiscal 2022, which could pose a challenge in filling roles for the next year.
Also, the SEC’s star has never made peace with the Crypto industry. Although the Securities and Exchange Commission approved the Bitcoin futures ETF, it had rejected all spot Bitcoin ETF applications.
In addition, the Securities and Exchange Commission accused Ripple (XRP) and its top executives of selling unregistered securities in a lawsuit filed in 2020. This case has still not reached a conclusion.
*Not investment advice.
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