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CompLab
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“The often unrecognized fact is banks and credit unions compete for talent regularly,” explains Christie Summervill, CEO of BalancedComp.

While there are stark and notable differences between their business models, there are negligible differences between their candidate pools. These financial institutions fill more than 90 of the same benchmark positions, each seeking to add the best experience to their teams. It’s more confirmation that competitive salary grades aren’t a luxury, they’re a necessity to gain and retain the best talent.

BalancedComp’s 2016-2017 Salary Survey takes a high-level look at why the connection between banks and credit unions is more important than people assume. Based on responses from more than 200 HR professionals at banks and credit unions, across five asset sizes up to $1 billion, we’ve identified some key differences between these organizations. Where do you compare?

BUY YOUR SALARY SURVEY NOW

Credit unions hire more employees than banks in fulfillment of their member service mission.

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Banks have more supervisors, but lower employee count, for most asset categories.

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High turnover is a company’s greatest detriment, but it’s becoming a more common occurrence among employees. Continuous candidates, employees who are constantly seeking a new job, are a global phenomenon. In the U.S., 41 percent of job seekers agreed with the statement “I am always looking for the next job opportunity” in a study conducted by ManpowerGroup Solutions.

So why are they leaving? There are a few factors at play that you should be aware of.

Managers.

As the company’s most direct influence, employees first look to their managerial relationship to determine job satisfaction. Micromanaging and making employees feel powerless could cost you workers.

Contract employment.

In a job world that demands flexibility, contract work allows employees to adapt to the market and not feel limited to skills that may become obsolete in a few years.

Lack of job security.

Mass layoffs made everyone wary of unemployment. Many feel that job hopping is the only way to diversify their portfolio and avoid remaining stagnant at a company only to get laid off.


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Blog salarysurvey

BalancedComp’s 2016 Salary Survey takes a high-level look at why the connection between banks and credit unions is more important than people assume. Based on responses from more than 200 HR professionals at banks and credit unions, across five asset sizes up to $1 billion, we’ve identified some key differences between these organizations. Where do you compare?

ORDER YOUR SALARY SURVEY NOW

More than 200 HR professionals participated in our survey

HR pros just like you shared their data with us this summer. Our analysts segmented that into five asset sizes ranging from $0-$100M up to $1B+ for both banks and credit unions.


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Blog workplaceculture

It’s obvious that any business wants the best talent, but it’s not always quite as clear what employees desire. What keeps them around for the long haul and what motivates them to do their best? Bonuses sound like the simple solution, but a barrage of extrinsic motivation just doesn't work, and throwing more money at your staff is not a sustainable solution.

Instead, look at what you know about investors and draw parallels to keep your employee investors engaged. Investors want returns, potential growth, and transparency. Employees aren’t that different. Naturally they want base pay and benefits, but they’re also looking for potential career growth and the transparency of a communicative work culture.

Returns and dividends

You’ve got to establish an equitable base pay to convince your staff to even begin investing in the company. Ensure that your employees understand that their work is compensated fairly. This fair compensation should also allow for some degree of incentives and bonuses. Tie bonuses to work that employees feel personal responsibility for accomplishing. Inconsistency is confusing and removes motivation, so keep these incentives reserved for impressive feats.


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2017 Minimum Wage Rate Increases

  • Alaska: $9.80/h
  • Arizona: $10.00/h
  • Arkansas: $8.50/h
  • California: $10.50/h ($10/h for small employers)
  • Colorado: $9.30/h
  • Connecticut: $10.10/h
  • Florida: $8.10/h
  • Hawaii: $9.25/h
  • Maine: $9.00/h
  • Maryland: $9.25/h
  • Massachusetts: 11.00/h
  • Michigan: $8.90/h
  • Missouri: $7.70/h
  • Montana: $8.15/h
  • New Jersey: $8.44/h
  • New York: $9.70/h
    • New York City: $11.00/h; $10.50/h for small employers
    • Nassau, Suffolk, and Westchester Counties: $10.00/h
  • Ohio: $8.15/h ($7.25/h for small employers)
  • South Dakota: $8.65/h
  • Vermont: $10.00/h
  • Washington: $11/h

updated 12/28/16

President Obama has made raising the minimum wage a centerpiece of his campaign against income inequality. He has called for raising the federal minimum wage to $10.10 per hour over the next three years, and announced an executive order to increase the federal contractors’ minimum wage to $10.10 per hour. Meanwhile, many state governors are also pushing to increase their state minimums independent of the federal minimum.

How do these minimum wage increases affect bank and credit union employees where there are entry-level, low-skill positions to fill?

For financial institutions, this would impact positions from almost every department. Some of these positions will include:

  • Tellers
  • Accounting specialists
  • Consumer loan processors
  • Customer service reps
  • Call center reps
  • Card services reps
  • Help desk staff
  • Receptionists
  • Administrative assistants
  • Couriers
  • Facilities

Minimum wage is a volatile issue with staunch supporters and adversaries arguing for both sides. Those against the minimum wage hike contend that it increases costs for the employer which in turn increases costs to consumers and ultimately reduces revenue because of a decline in sales. Lower revenue forces a reduction in low-skilled positions which impacts the unemployment rate.


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