US staff compensation increased ‘modestly’ in 2013, according to the 2014 Equipment Leasing and Finance Compensation Survey from the US Equipment Leasing and Finance Association (ELFA).

This marked the fourth year in a row compensation increased, and ELFA said the increase came from increasing new business volumes.

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Only considering those who had appeared in previous surveys, total compensation was flat for key origination functions between 2012 to 2013. Pure salary increases for these roles averaged between 2 % and 2.75%, though over 25% of respondents received no salary increases at all.

The median increase for those who worked in infrastructure was approximately 3-6%, while ELFA said "divisional management fared better than most other functions."

There was a variety of changes to compensation offered to team leaders and other senior roles, with many receiving over 20% decreases to their compensation, while others experienced a 14% increase.

In general banks awarded higher compensation at median compared to captives and independents, particularly for senior roles.

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Although new business growth slowed in 2013, levels returned to pre-recession levels in the year. ELFA noted that this growth has not been experienced uniformly by all competitors, while increased competition also put pressure on margins. ELFA said the compensation mirrored this low, uneven level of growth.

The survey involved 60 equipment finance companies, including independent, bank and captive leasing and finance companies.