Biggest salary increase in 10 years for treasury and finance professionals
AFP 2022® The compensation survey reports a 4.4% annual increase in base pay, for all three professional levels, the largest gain in the last ten years.
BETHESDA, MD., May 3, 2022 /PRNewswire/ — Now in its 34e year, the Association for Financial Professionals (AFP) compensation survey was conducted February 2022. The survey collected data on total compensation earned in the 2021 calendar year, as well as data on prevailing base salaries January 1, 2022. One of the key findings was that finance professionals secured an average 4.4% increase in base salary in 2022, a 1.5% gain over the previous year. The salary increase further breaks down into a gain of 4.3% for executives and professional executives and a gain of 4.5% for executives.
Bonuses
In 2021, 69% of organizations awarded bonuses to their employees, unchanged from 2020. Of the three job levels, executive-level finance professionals received the highest average bonuses in 2021, which were , on average, of $68,494i.e. 35% of the base salary, an increase compared to the $61,555 reported in 2020.
Advantages
Almost all organizations (98%) offer health insurance to their employees and 95% offer dental insurance. For the first time since AFP began tracking paid paternity leave, the percentage of employers offering the benefit was the same as those offering paid maternity leave (58%).
career advancement
Various factors influence the promotion potential of a finance professional. The first criterion of
upward mobility is increased job responsibility (cited by 79% of respondents). Fifty-two percent of respondents indicated that their contribution to the profitability of the service or business impacts their upward mobility
Challenges
Recruitment, personnel issues and staffing were cited by 44% of respondents as the biggest challenge they face in their current role, followed by volume of work (40%) and limited resources (39%). ).
Quit Trends
More than two-thirds (68%) of respondents say employees in their organization have quit their jobs in the past six months. The top reason employees quit is dissatisfaction with compensation and benefits, cited by 51% of respondents. Nearly half (47%) say employees quit due to burnout and the search for work-life balance. Finance professionals expect these quitting trends to continue over the next 12 months
Limit staff attrition and build loyalty
An encouraging 67% of respondents indicated that their organizations are taking steps to curb staff attrition. Respondents ranked providing a flexible work environment as the most important step employers can take to curb staff attrition and retain staff.
“Given the extreme struggles in our current economic environment, the increase in base salaries at all levels of the financial profession is encouraging,” said Jim Kaitz, CEO of AFP. “As the Great Resignation continues, it is important that organizations continue to listen and respond to the professional needs and wishes of their employees.”
The full results of the 2022 AFP Compensation Survey are available at: www.afponline.org/CompReport/. Survey responses came from 1,910 finance professionals holding the 19 tracked job titles and provided salary information for 3,352 job holders. For all press inquiries, please contact Melissa Rawakgeneral manager, to [email protected].
About AFP®: Headquarters outside washington d.c.and located regionally in Singapore, the Association of Financial Professionals (AFP) is the professional society committed to advancing the success of treasury and finance members and their organizations. Created and administered by AFP, the Certified Treasury Professional and Certified Corporate FP&A; Professional certifications set standards of excellence in treasury and finance.
SOURCE Association of Financial Professionals (AFP)
