Compensation in the equipment finance industry was relatively flat in 2020, according to the 2021 Equipment Leasing and Finance Compensation Survey from the Equipment Leasing and Finance Association. Although industry new business volume decreased in 2020 due to the COVID-19 pandemic — following 10 consecutive years of growth — compensation was stable in 2020 compared with 2019.
The 2021 Equipment Leasing and Finance Compensation Survey measured compensation rates for the 2020 fiscal year as reported by more than 75 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 2020 and 2021), 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.
Survey Highlights
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