Compensation in the equipment finance industry returned to steady increases in 2022, according to the 2023 Equipment Leasing and Finance Compensation Survey, one of two new studies released by the Equipment Leasing and Finance Association (ELFA). Along with the 2023 Small and Medium Enterprise Compensation Survey, the surveys are part of the Knowledge Hub, ELFA’s source for business intelligence on the equipment finance industry.
2023 Equipment Leasing and Finance Compensation Survey
The 2023 Equipment Leasing and Finance Compensation Survey measures compensation rates for the 2022 fiscal year as reported by more than 80 equipment finance companies representing a cross section of the equipment finance sector, including independent, bank and captive equipment finance companies. Firms provided data for more than 90 executive, front-office and support positions and 10 levels of seniority, including a breakdown of salary (for 2022 and 2023), incentives (including cash bonuses and commissions), long-term awards and total compensation by company type. The survey is a collaborative initiative between ELFA and McLagan, a performance/reward consulting and benchmarking firm for the financial services industry. Highlights include:
2023 Small and Medium Enterprise Compensation Survey
The 2023 Small and Medium Enterprise Compensation Survey reveals trends in pay — including salaries, bonuses, benefits and commission — at bank, captive and independent equipment finance companies. The report is based on a survey of ELFA member companies conducted by Vault Consulting. A total of 39 companies participated in the survey. The respondents reported 790 employees for 20 specialized revenue and support positions, ranging from CEO to collections staff to sales staff. The data are displayed by company type, new business volume, region and market segment. Highlights from the survey include:
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