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Risk Managers Are Big-Money Players As Pay Rises Despite Falling Economy
Although risk managers in 2007 enjoyed the biggest average salary boost in the past three years, they need to brace themselves for the inevitable fallout from a struggling economy and should not depend on the softening commercial insurance market to establish their reputations and preserve their departments, the head of the profession’s top placement service warns.
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Not All Risk Manager Jobs Created Equal
While risk managers on average enjoyed healthy raises last year, it’s important to keep in mind that not all jobs in risk management are created equal, with particular industries and areas of the country paying more than their counterparts, the “2007 Risk Management Compensation Survey” confirmed.
Indeed, Bill Perry, president of New York-based Logic Associates—who for the sixth-consecutive year conducted his annual survey based on National Underwriter’s risk manager subscribers—points out that while his report provides valuable national benchmarks, risk managers need to delve deeper into the survey results to see how they truly stack up.
Risk Managers Adapt To Tough Economy
Risk managers cannot afford to be fooled by last year’s healthy salary increases and need to take steps to assure their current positions as well as set the stage for future raises, promotions and moves to bigger, more challenging firms, the profession’s leading placement executive suggests.
Bill Perry, president of New York-based Logic Associates, offered his list of “Survival Tips For Risk Managers In A Challenging Economy” during an interview with National Underwriter, the exclusive co-sponsor of his annual Risk Management Compensation Survey .