Salary Guides: Insights from the UK and New York
Are you curious about the latest trends shaping the startup finance compensation landscape in the UK and New York?
At Zanda, we take great pride in serving as a dependable and knowledgeable partner to startups as they build top-notch finance teams. Our commitment lies in supporting our clients every step of the way, offering valuable guidance throughout the hiring process. Hence, why we wanted to build an empowering resource that our startup network could use to confidently navigate the finance leader compensation market.
Our aim with these comprehensive reports was to inform our network of the fundamental aspects such as salary, equity, and bonuses, alongside intriguing elements like satisfaction scores, and emerging market trends observed last year and anticipated for the current year. We wanted to provide a deep dive into the dynamics driving finance roles within these vibrant startup ecosystems, so our candidate network can feel equipped and client network informed to be able to budget for these potential hires.
In the latter months of 2023, we created a compensation and equity survey to understand the salary, hiring and satisfaction trends from the year. Over 2,000 senior financial leaders shared their data, which we meticulously analyzed and paired with insights and commentary from industry leaders across the UK and New York. Whilst most carried the title of Chief Financial Officer, the survey group also included top or lead financial executives such as VP of Finance, Finance Director, Head of Finance and Controller.
Our survey allowed us to gain a real understanding into the current satisfaction levels amongst finance leaders, when it comes to their salary and equity compensation in different stage businesses. Alongside those key insights, 39 (US) - 43% (UK) of the participants expressed openness to new opportunities, citing reasons such as compensation, career development, alignment and values, work-life balance/flexibility, and struggling company.
This data provides readers with knowledge that can hopefully aid in their optimization of compensation packages, growth strategies and company culture improvements, so you can attract and retain top talent through their key drivers.
A key driver for attracting top talent is flexible working arrangements, especially if you are fostering an inclusive and diverse workforce. The data from our network, highlighted a noticeable shift towards a hybrid model from the predominantly fully remote model that characterized 2021. This varied spectrum underscores the need for startups to tailor their approaches to individualized preferences and workstyles among finance leaders.
In our UK Startup Guide, delve into how geopolitical and economic uncertainties in 2023 impacted the startup market and influenced hiring trends. Understand how salary satisfaction and the gender pay gap continue to shape the finance sector in both regions and discover the real-time data drawn from Ravio for our European comparison.
Meanwhile, in New York, explore the resurgence in venture fundraising and the challenges faced by growth-stage startups in achieving profitability. Gain insights into the increasing demand for skilled CPA Controllers and experienced Commercial CFOs, along with the surge in Fractional CFO hires to meet evolving financial needs.
Discover how compensation trends differ between the UK and New York, from the downward pressure on CFO salaries in New York to the increased demand for VP of Finance roles in the UK. Explore the varying bonus structures and the impact of tech valuations on equity compensation across different funding stages.
Download your copy of our 2024 Salary Guides now and uncover actionable insights for finance leaders and companies seeking to navigate the startup finance landscape with precision and foresight.
We looking forward to hearing your feedback! Reach out to us for collaboration on refining hiring strategies or exploring career opportunities in the dynamic world of startup finance.
As an expert in partnering with early-stage tech start-ups, feel free to get in touch if you require advice or are keen to hire that first or even second person for your finance function.
Check out some of our other blogs:
Beyond Finance: The Strategic Approach to a CFO's First Weeks
Redefining Culture Fit: Shifting to Culture Add and Cognitive Diversity