New York / November 15, 2010 – Growth in total compensation was 3.4% and growth in salary was 2.2% in 2009 over 2008 for risk professionals in the energy sector according to results released today in the sixth annual Professional Compensation Survey by Risk Talent Associates, a leading risk management executive search firm. While this is dramatically slower than the robust growth reported in our last survey of 12% in total compensation, it still indicates a healthy employment environment. In the previous survey, energy significantly outpaced other risk management segments, especially asset management and capital markets which were more impacted by the beginning of the economic downturn. Compensation has rebounded for those segments, so that energy is more aligned with them as well as general global statistics for compensation growth.
Positive indicators for the energy segment include that 92% of respondents reported receiving a bonus for 2009. Job movement is slightly down with 21% of respondents reporting a job change in the last two years, as compared to the 25% reported in last year’s survey. Looking forward, 22% of respondents indicate that they are likely to move to a new job in the future. Risk professionals in the eastern United States earn the highest total compensation, followed by those in the energy hub in the US South/Southeast. Participants from all U.S. regions report higher figures than those representing Europe and Canada.
Michael Woodrow, founder and President of Risk Talent Associates states that, “as energy prices continue to strengthen and the global economy improves, we would expect energy firms to step up hiring of risk professionals to manage the associated risk. We expect hiring to continuously improve in 2010 for risk professionals in energy.”
The Energy report is the latest in a series of compensation surveys, now in their sixth year, released by Risk Talent Associates and follows earlier surveys in the capital markets and asset management. Additional surveys to be released by the end of the year include software/technology, consulting and corporate risk.
About Risk Talent Associates
Risk Talent Associates (www.risktalent.com) is the leading international executive search firm focused exclusively on positions in the fields of market, credit and operational risk, as well as financial compliance and risk technology. Risk Talent’s expertise, industry knowledge, proprietary network and dedicated focus shorten the recruiting process to deliver senior and mid-level risk managers in the capital markets, asset management, energy, consulting and software industries. Risk Talent has offices in New York, Chicago, Hong Kong and London.
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