Finance and marketing directors continue to outstrip HR directors in the pay stakes in firms across the globe, according to research.
Mercer HR Consulting’s 2006 Global Pay Summary surveyed 11,600 organisations around the world found that the top paying departments for executives were finance and marketing, with HR trailing in third.
The pattern was repeated in the UK – finance, marketing and HR directors receive around £100,900, £93,900 and £90,700 base pay respectively.
Executives in the US topped the tables – the survey found that finance and marketing directors in the US earn more than five times their counterparts in India, while HR directors earn more than three times as much.
Steve Gross, global leader of broad-based rewards at Mercer, said salaries and annual total cash are generally higher in the US because there is greater competition for talent and employers must pay more for top employees.
Mark Edelsten, principal at Mercer, said the reason financial directors were paid more was because the scope of their role had widened in recent years as new regulatory burdens and risk management responsibilities have made them increasingly accountable for company governance.