Travel Buyers' Compensation Climbed 6 Percent in 2014, Says GBTA
The majority of travel buyers (72 percent) are satisfied with their salaries, with average total compensation climbing six percent higher this year to $112,000, according to new Global Business Travel Association (GBTA) Foundation research.
GBTA's annual 2014 Travel Management Compensation and Benefits Survey also shows average compensation tended to rise with an increase in travel spending, highlighting a relationship between total domestic travel spend of the employing company with total compensation (includes base salary and bonus), GBTA says.
For example, respondents with total domestic travel spend of $10 million but less than $50 million reported an average income of $105,000, while those companies spending more than $50 million, reported an average of $143,000 -- a 27 percent increase.
While a number of benefits are offered to buyers by their companies, few are fully funded, GBTA reports. Most companies offer health insurance (98 percent), dental insurance (98 percent), life insurance (95 percent), vision insurance (95 percent), and a defined contribution plan (i.e., 401k) (95 percent), a majority report their company only covers a portion of the costs of each benefit. Most employees must pay for a portion of their insurance coverage.
Three-quarters of buyers say their companies provide full reimbursement for all of the following benefits: conference attendance (90 percent); professional association dues (85 percent); professional publications (82 percent); and mileage (78 percent).
Large majorities also say flexible work schedules (67 percent) and work-from-home policies (58 percent) are now offered as part of the benefit package.