Study: Female CCOs Earn Only 65 Percent of What Male Counterparts Make
According to new data from BarkerGilmore, the pay gap only gets worse as women move up the corporate ladder in compliance.
June 26, 2018 at 05:04 PM
2 minute read
Vladimir Salman/Shutterstock.com 2018 Compliance Compensation Report indicates that the issue of legal department gender pay disparities John Gilmore Bob Barker
- Annual salary increase rates: The median annual salary increase for all positions across industries was 4.2 percent. The industrial and manufacturing sector experienced the highest median increase rate of 7.1 percent from 2016 to 2017, while health care/life sciences (3.3 percent) and technology (3.2 percent) saw the lowest rates.
- Peer comparison: Some 45 percent of all respondents believed their compensation was average and comparable to their peers at other organizations. Compliance officers in the industrial/manufacturing industry expressed the highest levels of satisfaction, with 43 percent reporting compensation above or significantly above average. Those in the consumer and financial industries expressed the greatest dissatisfaction, with over 35 percent reporting compensation below or significantly below average.
- Education matters: Across all position levels, compliance officers who hold law degrees earned significantly more than those without law degrees.
- Who's on the market: The majority of compliance officers are satisfied where they are. Only 34 percent indicated that they will consider a new position within the next year due to pay issues. Those in the consumer industry reported the greatest likelihood of a job search.
- Public vs. private: At all position levels, a statistically significant difference existed between the compensation of those at publicly traded companies versus those at private companies. The size of the gap was especially noticeable for CCOs and other high-level managing compliance officers due to the long-term incentive compensation component—usually stock—that is nonexistent for most private company employees.
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