After sharp increases in 2023, turnover and departure rates for foundation staff have normalized and median salary increases are up, a report from the Council on Foundations finds.

Based on salary data from more than 1,000 grantmaking organizations on more than 11,000 full-time staff, the 2024 Grantmaker Salary and Benefits Report found that the average turnover rate for all staff dropped from 13.1 percent in 2023 to 10.8 percent in 2024, similar to the 11 percent average in 2022. Similarly, 53 percent of surveyed grantmakers reported staff departures for 2024, a drop from 57 percent in 2023 and closer to the 52 percent reported in 2022.

Overall, median salary increases are projected to be ahead of inflation at 4.3 percent, down from the 5 percent median increase reported in both 2022 and 2023, but still ahead of the 3 percent to 4 percent rate that had been consistent over the past 15 years. However, inflation-adjusted salaries for CEOs and program officers at private foundations did not keep pace and are lower than they were in 2020. In addition, for the first time since the pandemic, no respondents indicated they received bonuses or perks because of the pandemic or work-from-home needs, and only a handful reported receiving bonuses due to inflation or the cost of living.

Staff diversity continued its upward momentum, with people of color accounting for 33.5 percent of full-time staff, up slightly from 32.7 percent in 2023 and 27 percent in 2020; and 17.1 percent of foundation CEOs were people of color, up from 14.9 percent in 2023. In addition, 62.6 percent of CEOs/presidents identified as women in 2024, up from 61.0 percent in 2023 and 61.8 percent in 2022. But the gender pay gap persisted, with female CEOs making 83.5 percent of the median salary reported for male CEOs in 2024, down from 85.3 percent in 2023.

“The GSB data often reflects broader trends in society, including the adoption of remote work, the impact of inflation, and shifting demographics in leadership,” said Council on Foundations president and CEO Kathleen Enright. “However, whether it’s closing the gender pay gap or ensuring foundation leadership fully reflects the communities they serve, philanthropy can go beyond reflecting societal trends to leading them in order to pave a way forward that is better for everyone.”

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