The Equipment Leasing and Finance Association released a report detailing compensation practices at small and medium-sized equipment leasing and finance companies. The 2018 Small and Medium Enterprise Compensation Survey reveals trends in pay—including salaries, bonuses, benefits and commission—at bank, captive and independent equipment finance companies with annual volumes (new origination) under $250 million.
The report is based on a survey of ELFA member companies conducted by Vault Consulting, LLC. A total of 47 companies participated in the survey. The respondents reported 1,174 full-time employees for 19 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:
- The five highest paid positions, based on average total compensation, were CEO/President, Head of Sales, Chief Financial Officer, Senior Sales Representative and Head of Credit. Total compensation is based on average base salary and average bonus/commission.
- A bonus/commission was reported for 88 percent of the submitted employees. Bonuses and commissions as a percentage of base salary were higher in 2018 compared to 2017. Higher bonus/commission activity is a sign of a healthy industry.
- Among executive leadership, the top factors determining bonus and commission included profitability, portfolio growth, development of market, and client and managerial effectiveness.
The 2018 Small and Medium Enterprise Compensation Survey is available for purchase from the ELFA website.