Compensation trends for VPs in the tech sector followed similar patterns as those of C-suite executives in 2024; however, underneath the top-level data exists an even more complex story of resilience and adaptation to new realities. Go-to-market (GTM) Vice President titles – whether in Sales, Marketing, Customer Success or other departments – live in a crux of responsibility and visibility in the latest new normal, facing an unprecedented wave of challenges while still being tasked to do more with less.
In the most recent version of the Betts Executive Compensation Guide, we dive into the unique dilemmas affecting both salary and recruiting trends for exec titles in the technology sector as well as the opportunities emerging for candidates that bring both experience and a proven track record of success. For this blog, we will expand upon how these trends are impacting VP earnings as well as how they are shaping the future of executive hiring.
Tech VP Compensation Rates for 2024
Average compensation for most exec positions in the tech industry remained mostly stagnant from 2023 to 2024, with a handful of GTM Vice President titles seeing drops at different ends of their salary band. However, it is also important to note that we found that most technology startups were focusing their recruiting searches on sourcing more experienced executive candidates, meaning that averages were thrown off as rates shifted. Employers and job seekers alike should note that candidates with more years of experience in a leadership position and the ability to demonstrate past success will usually command up to 20% above the average rates highlighted below, while those without both of these advantages may see 10% less than the baseline average.
VP of Sales
The average salary for a VP of Sales in 2024 ranged from $185,000 – to $275,000 across all tech startup funding rounds, with a steady median rate at $250,000 from Seed to Series D. Bonuses were typically 100% of base salary for every stage as well, reflecting how much OTE (on-target earnings) for this role is in large part performance-based. The lower end of the salary band for Vice Presidents of Sales dropped significantly from 2023, though held firm at the higher end of the range.
VP of Marketing
From Series A to Series D, the average rate for a VP of Marketing ranged from $200,000 – $300,000, with the median ranging from $235,000 to $275,000. Bonus rates went from 10% to 30% across all funding rounds, with an even median rate at 20%. Vice Presidents of Marketing at Series A startups saw a dip on the lower end of their pay band from 2023 to 2024.
VP of People Ops
The total base salary range for a VP of People Ops in a tech startup went from $200,000 – $300,000 across Series A to D, with a median range from $225,000 to $275,000. Bonuses ranged from 5% to 25% total, while the median rate went from 10% to 20% across Series B to Series D. Total compensation for Vice Presidents of People Ops dropped at both ends from 2023 to 2024, though the higher end of the salary saw the biggest dip.
VP of Finance
Average salary for a VP of Finance went from $225,000 – $350,000, while the median rate ranged from $250,000 to $300,000 across Series A to Series D startups. Total bonus rates went from 15% to 35%, while the median fell between 20% to 30%. Overall compensation for Vice Presidents of Finance remained stable from 2023 to 2024 with no major shift in average rates.
VP of Product Management
Salaries for VPs of Product Management typically ranged from $225,000 – $325,000 for tech startups from Series A to Series D, while the median ranged from $250,000 to $300,000 across the same funding rounds. Bonuses ranged from 5% to 25% total across Series B to D, while the median rate went from 5% to 15% from Series A to D. Vice Presidents of Product Management took some hits to average compensation at both ends of their salary band, as well as saw a slight dip in their top-level bonus rate from 2023 to 2024.
VP of Customer Success
VPs of Customer Success saw salaries range from $220,000 – $280,000 from Seed rounds to Series D, while the median ranged from $250,000 to $265,000 from Seed to Series C, yet dropped off at Series D to $230,000. The bonus rate was similarly skewed, ranging from 20% to 50% total, although it capped at 40% to 45% from Series A to Series D while top performers at Seed companies could see as high as 50%, with the median averaging 25% to 35% from Series A to D. Despite the skewed numbers, however, total compensation for Vice Presidents of Customer Success remained stable for the most part from 2023 to 2024.
Top Trends Driving Vice President Salaries in 2024
VPs are on the frontlines of many of the biggest shifts impacting tech, from the consolidation of go-to-market teams to the widespread deployment of Generative AI in the workplace. Despite executive salary averages remaining stagnant or even dropping from 2023 to 2024, there are signs that the role of Vice Presidents in the technology sector will become even more dynamic as these trends mature and shape the future of the industry. Here are some of the top developments we have seen emerging so far:
Growing Deployment of Gen AI
It is no secret that Generative AI (or Gen AI) is entering workspaces everywhere, and being used to scale up activities such as email outreach and other tasks. The spotlight on artificial intelligence – and its potential capabilities – continues to increase its importance for tech startups trying to do more with less, and executive candidates are now expected to be able to bring knowledge of AI solutions with their entry into any org or tasked with learning more about them (more on that further down here).
Specialized Skills in High Demand
Besides just having general experience, the top GTM hires today are those that provide skill specialization to their teams. This aligns with the great restructuring we are seeing across talent acquisition in tech and the ‘do more with less’ approach, with hiring managers focused on sourcing unicorn candidates with specific knowledge and skill sets as opposed to generalists. This applies to executive recruiting as well, with VPs being increasingly expected to have more technical and other expertise in areas such as in tools of the trade that are included in the company’s tech stack.
Diversity and Inclusion (DEI) at the Exec Level
DEI (diversity and inclusion) has been a hot topic of discussion in the technology sector for the past few years, with many enterprises undertaking their own initiatives at different times. Despite this, observers and researchers have noted that there is still a lack of representation at the executive level throughout tech, particularly for women. This trend is coming into the spotlight again and we expect it to become a focus of new exec hiring, especially for Vice President titles given their roles as team leaders.
Soft Skills Needed by VPs
While having technical knowledge is still heavily prioritized for new VP hires, many startups are seeking GTM leaders who also have demonstrable soft skills as well. With many professionals in tech just starting to return to in-person work models, the most sought after executive candidates are those who know how to balance empathy with driving results, and being able to impart these on their teams.
Here are the top 10 soft skills a VP candidate should be able to display:
- Communication
- Adaptability
- Leadership
- Empathy
- Strategy
- Decision-making
- Networking
- Conflict Resolution
- Resilience
- Continuous Learning
Professional Development and Training
With the new demand for specific skills and expertise emerging for tech executive recruiting, it goes without saying there needs to be a way for VP candidates to be able to amass the knowledge they need. We have seen many turn to professional development opportunities in order to level their knowledge, including some opting for coaching and training programs that will allow them to acquire the skill sets they need for the current landscape.
Stay Informed on VP Hiring and Comp Trends with Betts
2024 is proving to be yet another landmark year for tech, with more challenges as well as opportunities emerging that will heavily affect the direction of talent acquisition in the space, especially for new and midsized startups seeking the right fit leaders for their GTM teams. Let Betts Recruiting help you keep up to date on the latest trends in the market and refine your executive search with our data-driven – and cost-effective – approach to scaling your go-to-market hiring.
Contact Betts here to get started on your VP recruiting search and let our team of experts help you find your unicorn exec candidate.