Survey shows diversity up, turnover down, wage growth normal at U.S. foundations

Pandemic-era bumps in pay at large foundations have given way to more modest pay increases slightly ahead of the rate of inflation, according to a survey of foundations that found greater racial and ethnic diversity at the nation’s grant makers as well as a higher proportion of women in charge. 

Salaries among staff members were projected to increase 4.3% this year following two consecutive years of 5% increases, according to a survey the Council on Foundations conducted in March of 1,006 community, private and corporate grant makers. 

The higher results in 2022 and 2023 were likely the result of pay increases related to the Covid response, efforts to keep people on staff during the “Great Resignation,” which saw an increase in job churn, and relatively high rates of inflation, which topped 9% at its peak in June 2022. One exception was for community foundation staff, which reported a 1.5-percent drop in salaries compared with 2020, when adjusted for inflation. 

The slower growth in salaries represented a “normalization,” said Nicole Bronzan, the council’s vice president of communications, with pay at foundations returning to their historic rates of growth. 

Grant makers also reported less job turnover this year, with average turnover rate for all staff dropping from slightly more than 13% in 2023 to 10.8% this year. 

Foundations reported more diverse staff and leadership this year than they did previously. People of color accounted for 33.5% of full-time staff, up from 32.7% in 2023. People of color were in presidential or CEO roles at 17.1% of the foundations surveyed, up from 14.9% last year. 

Even though nearly 63% of CEOs and presidents are women, up almost 2 percentage points from last year, the pay gap between women and men in the top job role widened this year. Female CEOs made 83.5% of the median salary reported for male CEOs in 2024, down from 85.3% in 2023.