AUG. 7, 2019
Wandering Eyes: Compliance Officers on the Prowl
It’s no different for compliance than any other business unit: Finding and retaining talent is a challenge. A survey on industry compensation provides some good news and bad news for organizations wondering how they are going to attract and keep their best people.
The survey of 800 compliance officers at public and private organizations in the U.S. by legal and compliance executive search firm BarkerGilmore found while most compliance professionals appear to be content with their level of compensation, 40% said they will consider a new job in the next year because of compensation issues.
“Compliance officer compensation remains in a state of flux, and organizations are challenged to attract and retain the talent that meets the higher standard for compliance,” the report stated. But, overall, “the majority of compliance officers are satisfied with the compensation in their current roles.”
The survey found the median annual salary increase rate for all positions across industries is 4.1%, down 0.1% from 2018. The consumer sector had the largest percentage gain among the five industries covered at 4.8%, with industrial and manufacturing the lowest at 3.7%.
On average, women earned 76% compared to their male colleagues, with female chief compliance officers made 74% of compensation given to male CCOs. Women at the managing compliance officer level earned 91% of what men made.
Total compensation for women in all positions was $230,500, versus $300,000 for men. For chief compliance officers, women reported total compensation of $257,000, compared to $349,500 for men.
Compliance people at publicly traded companies made more than those at private enterprises. Within industries, chief compliance officers at private companies in the consumer sector made $195,750, compared to $430,000 for their public company counterparts. Private industry CCOs in the healthcare business took home total compensation of $332,000, while folks at public companies made $507,000.
Chief compliance officers with law degrees earn more than CCOs without one, with total compensation ranging from $250,000 at private companies with revenue under $500 million, to $466,250 for those at public companies. Compensation rose to $659,000 for those at private companies with revenue of $5 billion or more, and to $533,000 for those at public companies.
“Across all position levels, compliance officers who hold law degrees earn over 50% more in total compensation than those without law degrees,” stated the report. “The disparity varies by position and is greatest at the CCO level, where JD credentials earn a compliance leader nearly 70% more.”
READ THE REPORT →