Total Travel Managment Compensation Up 6% Over 2013
Today, the GBTA Foundation released their annual study, 2014 Travel Management Compensation and Benefits Study, showing the majority of travel buyers (72%) are satisfied with their salaries, with average total compensation climbing six percent higher this year to $112,000. As expected, incomes increase with greater experience, position level, education, and size of company.
Overall, buyers’ incomes increased in the past year. The total pre-tax compensation (includes base salary plus bonus/commission) average for buyers in 2014 is $112,000; six percent higher than in 2013 when the average pre-tax total compensation was $105,000. The median pre-tax total compensation for 2014 is $103,000, also six percent higher than in 2013 when it was $97,000.
2013 and 2014 Total Compensation: Averages and Medians
On average, those with a GTP certificate earn more than those without one—12 percent more, in fact! One in five buyers has earned their GTP certification (19%). The GTP certification is designed to raise industry standards, enhance work performance, and recognize individuals who demonstrate core competencies essential to the business travel management discipline.
Buyers are split between receiving a specific amount of time off for allocated purposes (i.e. vacation, sick, etc.) and receiving a lump sum of paid time off (PTO) to use as they please. Those receiving a pre-determined number of days for various uses report being given an average of 17 vacation days, nine holidays, and four personal days annually. Those receiving a number of PTO days to use at their own discretion are given 22 PTO days, on average.
Does your company offer a separate number of days for vacation, personal time, and sick leave or do they provide an aggregate number of days for paid time of (PTO) for you to use at your discretion?
The benefits offered by the buyers’ compensation vary. Almost all say they are offered health insurance, dental insurance, life insurance, vision insurance, and access to a defined contribution plan (i.e. 401(k)) and a majority say their company helps cover some of the costs of these.
Buyers who report being the most satisfied with their compensation packages naturally earn more money and are given more leave days, but they also have access to certain benefits others do not, such as defined benefit plans (pensions) and continuing education opportunities.