The number of credit execs who believe that their overall compensation is fair is 67.9 percent, nearly the same as three years ago.

The table below shows responses to the question: Do you agree that your complete compensation package is fair?

Source: Credit Today 2007-2008 Salary & Job Satisfaction Survey

Positive Correlations With Satisfaction With Pay

Here's important data for credit and HR department managers. The list below is a rundown of all variables that relate to the belief that one's compensation is fair. As with other such rankings in this survey, the numbers in the table are based on a statistical measurement known as "Pearson's coefficient." The number "1" would imply perfect correlation. "0" means total randomness, and no correlation.

Survey Results: Positive Correlations With Satisfaction With Pay

Those with increasing levels of job satisfaction .340

Higher base salaries in 2007 .326

Senior management in touch with the contribution of credit .260

A higher standard increase for the credit department in 2007 .235

Those who oversee a larger staff .227

Larger department size .211

Those expecting a bonus in 2007 .187

Job responsibilities include budgetary authority .183

Responsible for larger budget .178

Larger A/R portfolio size overseen .178

Those who rate their department's performance favorably .177

Larger companies .173

More recent merit raise .170

Evaluation of job performance include ability to manage staff .168

Benefits include parental leave .153

Larger number of invoices per day .151

Time spent in meetings .150

Benefits include tuition reimbursement .146

Time spent on personnel issues .146

Benefits include stock options .122

Those who cite "lack of challenge" as a top source of job .122

Number of years at current company .115

Lower staff turnover rate .113

Benefits include a company car .106

Number of years in credit .104

Those who cite "variety of work" as a top factor for continued job satisfaction .102

Interestingly, increasing job satisfaction (with a Pearson's coefficient of .340) is a better predictor of the belief that one's pay is fair than pay itself. But salary level is number 2 on the list, and not far behind, with a Pearson's coefficient of .326.

The third most important factor in the belief that one's pay is fair is having senior management that is in touch with the contributions of the credit department - i.e., recognition.

The above factors can be organized into several broad categories:

• The size and type of company you work at - those at larger firms are more likely to be satisfied with their compensation package

• The size of your responsibilities at your company - those with greater responsibilities and authority tend to be more satisfied with their compensation package.

• Recognition - those receiving more recognition for the work they do tend to be more satisfied with their compensation package.

• Job satisfaction issues - Those who believe that their department is performing well are more likely to be satisfied with their compensation package. Keep in mind, it's hard or impossible to say which CAUSES the other, but they're definitely linked (correlated).

• Benefits - Our data show that benefits such as parental leave and tuition reimbursement actually are more important predictors of satisfaction with one's total compensation package than stock options.

Interestingly, though women overall are paid less than men, women are not less likely than men to believe that their compensation package is not fair.

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