The average base salaries for treasury and finance professionals climbed to a decade-high last year amid a tight labor market, according to a survey from the Association for Financial Professionals. 

The average base pay of financial professionals climbed to 5% in 2022, the biggest jump in 10 years, compared to the 4% recorded during the prior year, results from the survey published Tuesday showed.

“Given the competitive job market, the increase in base salaries across all tiers of the treasury and finance profession is encouraging,” said Jim Kaitz, president and chief executive officer of AFP. “Organizations seeking to attract and retain top talent must continue to listen and respond to the professional needs of their employees.”

More than half of the 1,408 respondents who work in manufacturing, general services and retail sectors, said their organizations, valued at least $100 million, face a talent shortage due to a competitive job market. 

This article was provided by Bloomberg News.