2023 Global BCM Compensation Report is Published
Wage Growth: +7% globally & +10% USA
Global Distribution of Annual Base Compensations: $12,199 - $570,000 USD
Professionals with an Advanced Degree: 83%
Respondents who are Certified: 82%
Changed Jobs in Last Year: 32%
Unemployment Rate for BCM Profession: 1-2%
The 21st Edition Global BCM Compensation Report highlights how different factors may impact a professional’s earning potential in the Business Continuity profession and related disciplines (Resilience Management). Our annual study assesses not only years of experience, job titles, degree, and certifications, but also real-world experience and leadership skills. This complimentary report details key findings and trends for both permanently employed professionals as well as contract/temporary/self-employed consultants within the Resilience Management profession on a global basis. Several trends and insights are highlighted throughout the report, all of which indicate a continued demand and stability for the Resilience Management field, which has prompted an increase in compensation. Here is an executive summary of this year’s report and some key findings we wanted to share with you.
Continued Demand for Resilience Management Professionals – The demand for Resilience Management professionals is continuing, despite potential financial market concerns.
The demand is being driven by many factors, including program gaps discovered during the COVID-19 pandemic, supply chain resiliency challenges, updating archaic systems and applications, addressing the looming cyber threats, and organizations implementing a holistic operational resilience management strategy.
Our recent 2023 10th Edition Event Impact Management Report also highlighted that 34% of organizations plan to add Resilience Management personnel this year, which is a significant increase from the 14% reported in 2018 and 25% in 2021.
Shortage of Available Talent – There has been an incredible shortage of available Resilience Management talent to meet this 20+ year market high demand for a few reasons.
The unemployment rate hit a historic low of 3.4% in April 2023 (reported by the U.S. Bureau of Labor Statistics), which matched a 50-year low seen in January 2022. Furthermore, the unemployment rate for the resiliency profession is measured at about 1-2% (data gathered from this current BCM Compensation Study).
Additionally, there has been a record number of professionals retiring post the COVID-19 pandemic, while new professionals are not being drawn in or retained within the profession.
Professionals are also less likely to relocate or seek a new role, especially if they’re currently 100% remote. In fact, the study this year highlighted that 30% of the respondents were 100% remote while only 9% were 100% on-site.
Lastly, there are fewer active job seekers. The data from the compensation study this year reported that 51% of the respondents had been employed with their current organization for three years or less, and 32% changed jobs in the last year (15% proactively sought a new job in 2022).
Imbalance in the Resiliency Employment Market Stimulates Wage Growth – This continued imbalance in the Resilience Management profession triggered by the increased demand to hire and shrinking candidate pool have driven up compensations over the last year.
Professionals based in the USA, on average, enjoyed a 10% increase in their base compensation to $154,194 USD, which is quite a jump up from the typical 2-5% wage growth year to year.
The data also showed wage growth for the international market, which was 7%.
How can this report benefit you and your organization? For over two decades, professionals and organizations have depended on our compensation insights to better understand their earning potential and benchmark appropriate compensation bands to attract new hires and retain top talent. In fact, we’ve included this video link to help utilize our data in compensation benchmarking.
Our annual compensation report is so much more than just a compensation assessment, though. Our annual report and customized dashboards provide a wealth of information to help assess not only your marketability in comparison to your peers but also to assist in building a career roadmap. This report is also filled with several pro tips to help kick-start your career planning goals – so dig in and enjoy!
We want to thank all of those who responded to the survey, our advisory board, and everyone from the Witt O’Brien’s team for their efforts in developing this valuable report. Also, a special thank you to The Business Continuity Institute (BCI) for partnering with BC Management on this very important research endeavor.
This report focuses on current base compensation for both full-time, permanent employees and contract/temporary/self-employed consultants. Base compensation was converted to the US dollar currency for alignment in reporting purposes. Additionally, we’ve highlighted low and high hourly rates for contract consultants. Participants were able to respond to the study as part-time, permanent employees, currently unemployed, or retired, but their responses were not included in the data assessment used for this specific report. Those who confidentially participated in our study also received a customized BCM Peer Compensation Dashboard, tailored by their choice of either job title or by years of experience. A customized peer data assessment is essential for compensation benchmarking. We encourage you to participate in our compensation study by November 30, 2023, if you’d like to receive a more in-depth, customized peer assessment.