BarkerGilmore’s 2024 Compliance Compensation Report: Rising CCO Pay and Gender Pay Gaps Highlight Industry Trends
September 12, 2024 – As a compliance professional, how does your compensation benchmark against that of your peers? How can your organization leverage compensation to create a competitive advantage within its compliance department? To answer these questions, BarkerGilmore has released its 2024 Compliance Compensation Report. The report reflects changes in chief compliance officer (CCO) total compensation, factoring in salary, bonus, and long-term incentives; the type of organization (public, private, non-profit); and the organization’s revenue.
“CCO compensation continued to rise over the past year,” said John Gilmore, managing partner. “We attribute the slowing of salary increases to various factors, including tighter post-COVID corporate hiring budgets, and economic and political uncertainty. While our executive search business experienced a softening of demand for compliance professionals in 2023, we have witnessed a robust turn around in 2024 as positions opened due to internal promotions, resignations, and retirements. The good news is that positions at the top cannot go unfilled for long. As the compliance discipline continues to grow in importance as a risk management discipline, we expect CCO compensation increases to continue in the year ahead.”
The BarkerGilmore report found that there were year-over-year increases in CCO median base + bonus compensation for public companies and non-profits, and a slight decrease for private companies. Public companies were up seven percent, to $419,000, from $391,262, private was down one percent, to $299,541, from $302,000, and non-profit increased 12 percent, to $250,000, from $223,810.
In addition, BarkerGilmore’s research found that salaries increased for CCOs across the reported seven industry categories; however, the rate of increase declined year-over-year, except for financial services, where it remained the same at five percent:
- Consumer: rate of increase declined to two percent from six percent.
- Energy: rate of increase declined to one percent from five percent.
- Healthcare/life sciences: rate of increase declined to two percent from five percent.
- Industrial & manufacturing: rate of increase declined to two percent from seven percent.
- Professional services: rate of increase declined to zero percent from four percent.
- Technology: rate of increase declined to four percent from six percent.
Women’s Compensation
BarkerGilmore study also found that total chief compliance officer compensation for both public and private companies was higher for men than women; however, the trend reversed at non-profits, where women were paid more than their male counterparts. The firm shared that public company differential was +29 percent for men, private company differential was + nine percent for men, and non-profit differential was nine+ nice percent for women.
Related: BarkerGilmore Taps Chief Compliance Officer for Sinclair Broadcast Group
The report also found that the majority of CCOs reported that they had low or very low interest in a compensation-motivated job search: Sixty-five percent at public companies; 63 percent at private companies; and 60 percent at non-profits.
BarkerGilmore also shared that the firm found that the pay differential related to having a Juris Doctor (JD) degree was significantly lower at private companies and non-profits, compared to public companies:
- Public companies $295,000.
- Private companies $61,000.
- Non-profits $92,000.
BarkerGilmore ‘s research data was collected from a broad random sampling of senior level compliance professionals throughout the U.S. through an online survey. The firm has reported legal and compliance industry compensation trends since 2015.
Law and Compliance Veterans
BarkerGilmore is a boutique firm specializing in executive search and selection in law and compliance. With a network of advisors and recruiters spanning the U.S., BarkerGilmore consistently places talent at leading consumer, energy, financial, healthcare, industrial, and technology companies.
BarkerGilmore Recruits Chief Compliance Officer for ChristianaCare
Boutique search firm BarkerGilmore, which specializes in building corporate legal and compliance teams, has recruited Gregory Ehardt as the new senior vice president and chief compliance officer of ChristianaCare. The assignment was led by partner Brittney McDonough and managing director Katie Gilmore.
“Greg’s emotional intelligence is off the charts,” said Ms. Gilmore. “ChristianaCare’s leadership team and board were immediately blown away by his charisma, leadership skills, and passion for the mission of the organization. During our thorough reference check process, Greg was described by prior CEOs as a creative problem solver with the company’s best interests at heart. His transparent leadership approach, judicious use of resources, and compliance subject matter expertise will bring significant value to ChristianaCare employees and patients alike.”
Mr. Gilmore, co-founder, has over 30 years of executive search experience. He has developed trusted relationships with general counsel and C-suite leaders across the country. With a profound institutional understanding of how in-house legal and compliance departments function most effectively, Mr. Gilmore has earned a reputation as one of the top executive search consultants for general counsel and chief compliance officer placements.
Bob Barker is co-founder, managing partner, and chair of the industrial practice at BarkerGilmore. He brings over three decades of executive search and international business experience to his clients. Mr. Barker has successfully managed general counsel and chief compliance officer engagements for mid-sized to Fortune 500 companies, including consumer, energy, financial, healthcare and life sciences, industrial, non-profit, technology, and private equity industries. Clients rely on Mr. Barker for advice and counseling both during and after the engagement.
Related: BarkerGilmore Recruits General Counsel for Rye Development
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
