What chief communications officers make
Top communication professionals have not only secured a seat at the proverbial table, they are also securing big paychecks that are on par with their C-suite counterparts, according to a new Korn Ferry report.
Why it matters: The volatility of the past three years has highlighted the importance of effective communications — and the paychecks are starting to match the responsibility of the job.
By the numbers: Roughly 70% of the chief communications officers (CCO) surveyed make between $250,000-$450,000 in base pay, while 1 in 3 make $500,000 and above.
- Most have an annual bonus target of more than 50% of their base salary, and 1 in four have a bonus target of 80% to 100%.
- When it comes to long-term incentives, roughly 40% of respondents have an annual target of 75% to 100% of their base salary.
Reality check: Not all communication jobs are created equal.
- Outside of senior leadership, most PR pros work more than 40 hours per week and make less than $70,000 annually, a recent MuckRack study found.
- Those working in entertainment, media and publishing reportedly make the least, followed by those in the travel and tourism industry.
Zoom in: The modern compensation structure for chief communications officers typically mirrors their standing within the leadership team.
- 40% of CCOs report directly to the CEO, while 13% report to the chief human resources officer and 11% report to the general counsel.
- Of note,fewer top communicators are reporting in to the chief marketing officer than in years past, according to the report.
The big picture: The pandemic ignited a newfound understanding of the business value of communications. In response, comms teams have grown larger and received more funding.
What they’re saying: “Communications was at best an afterthought to business strategy. … It’s something that was not seen as core,” General Mills CCO Jano Cabrera told Axios. “But at a time in which 4 out of 5 companies are going through a significant period of transformation, communications is critical.”
- “If you believe that consumers are setting a blistering pace, that most companies are transforming like never before, and that business leaders realize how important internal communications is, then this shift reflects the growing importance to communications to business.”
Πηγή: axios.com
