On average, finance professionals saw a 4.4 percent increase in their base salaries in 2023, according to results from the "2024 AFP Compensation and Benefits Survey Report." This is lower than the average 2022 increase of 5 percent, but it is similar to the average pay increase for finance professionals in 2021 (4.3%).
The talent shortage and Great Resignation drove companies to offer higher salaries in 2022, for both recruitment and retainment purposes. In 2023, hiring managers continued to face challenges filling skilled positions like those in finance. At the same time, however, high interest rates increased pressure on employees to stay put. Fear of a potential recession—which would, necessarily, bring layoffs—likely contributed to last year's reduction in the rate of increase in respondents' base salaries.
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