As it has done every other year for the past 30 years (save for a brief hiatus caused by the sudden pandemic in 2020), the HFTP Foundation will lead the production of a new biennial Compensation and Benefits Survey Report in 2022. And the key to providing HFTP members and stakeholders with a comprehensive picture of industry salary and benefits stats is your participation. This is especially important in current times, since trends have reportedly changed during and post-pandemic.
To help the HFTP Foundation return a valuable report, it is imperative that it collect a broad sample of data to properly reflect the industry. Consider making an important contribution to your HFTP network by participating in the survey, and look for the results in the final report this August 2022.
Participants who complete the survey by March 31 will be able to enter themselves for the chance to win a free HFTP annual membership. HFTP non-members who complete the survey by the deadline will be given complimentary access to the final 2022 Compensation and Benefits Report when it is published. (This report, which is free to HFTP members, is typically available at a cost to non-members.)
What is this report?
The HFTP Compensation and Benefits Survey Report is an invaluable resource for hospitality managers to determine pay scales for their employees and themselves. It gives a profile of accounting, finance and technology professionals in the hospitality industry by offering detailed information on salary, deferred compensation, bonuses, performance evaluations, health care plans and certification.
Why is it important?
The purpose of this report is to track trends in compensation and benefits to aid hospitality companies attract and retain top talent. It is designed to assist industry executives in their daily functions — from setting appropriate compensation levels to budgeting.
What were the results from the last survey done in 2018?
Participants in the 2018 survey came from all over the world — everywhere from North America to the Middle East, Africa, Europe and Asia Pacific. Nearly 400 individuals accessed the survey, with close to 300 of them completing the survey in its 100-question entirety.
A general profile of 2018 respondents revealed that:
- 66.8 percent worked in accounting and finance, while 14.1 percent worked in technology.
- 39.5 percent worked in the lodging segment of the industry, while 39.3 percent worked in the club segment.
- While a variety of job titles were reported, 30.9 percent held the role of controller.
- 44.6 percent had prior experience in the hospitality industry.
- 54.5 percent were male, while 45.5 percent were female.
- The largest age groups were 45-54 (36.2 percent) and 55-64 (31.4 percent).
In the survey, respondents reported on the size and scope of their organizations including: number of employees across the entire organization, in finance and IT, annual revenue and tax status, departments, purchasing, and hours worked. These details help compose a full picture of each hospitality professional and their work environment.
In 2018, the average salary data was determined for United States, Europe and Canada, reported in their respective currencies. Overall, salaries were an average of $116,665 in the United States, €112,412 in Europe and CAD$122,049 in Canada (currency in U.S. Dollars).
When added together, total compensation (salary, deferred and bonus) increased nearly $50,000 for U.S. respondents between 2016 and 2018. For European respondents, total compensation increased €21,651 over the three years and respondents in Canada experienced an increase in total compensation by CAD$3,577.
The report further analyzed compensation data based on professional certifications, bonus determinations and performance evaluations. It also broke down staff salary information in greater detail for both the club and lodging segments.
When it comes to benefits, the report revealed that retirement plans are an important part of an employee’s overall compensation package — as well as paid expenses like association dues for HFTP, professional certification programs, and travel-related expenses to industry events like HITEC and local chapter meetings.
Other valuable benefits provided by the employer include: various types of health care coverage (medical most importantly, but also dental and vision, as well as coverage not just for the individual employee but also for the entire family) and paid leave (vacation, sick and paid time off).
- 67.9 percent or respondents said their employer offered a defined contribution plan, like a 401K, for retirement.
- 59.2 percent said their employers paid for HFTP annual membership dues.
- 61% received full family health coverage.
- 44.6 percent of employers offer PTO days that can be used for sick leave or vacation, and they provide an average of 11.8 days of leave per year.
The full 2018 report is available at no cost to HFTP members. You can request your copy of the available 2018 report by emailing email@example.com.
Do not miss your opportunity to contribute to the 2022 report by completing the latest survey, available now online.
Briana Gilmore is the HFTP Communications Coordinator. Briana can be reached at Briana.Gilmore@hftp.org or +1 (512) 220-4017.