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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?


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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 blog teller

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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Basing hourly wages on 52 weeks or 2080 hours a year is a misleading oversimplification that we’ve all fallen for. Albeit a seemingly minor one, it’s a mathematical error that could be costing your budget thousands of dollars every year.

If it were up to us, we would change the game and stop using 2080 in our application’s budget builder, since it actually only equates to 364 days. But I can say with absolute certainty that some clients would come down on us with the fire of a thousand suns for not using 2080, because it’s the standard. If anything should be as accurate as possible, it’s your proposed labor budget. But it’s going to take an entire industry to agree to change their way of thinking.

Our eyes were opened to the 2080 flaw at the end of 2015. Our clients started running the BalancedComp app’s budget builder to get 2016 numbers and couldn’t understand why the final totals were slightly higher than the annualized totals (which are strictly based on 365 days). We quickly realized 2016 was a leap year, so there was an extra day included in the final totals.

Problem Solved. Right?

Well, it was, until we went all ‘Beautiful Mind’ on the office windows trying to figure out how we could ensure one day of wages was being accurately calculated.

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Blog componomics

Managing expenses like margins, yields, and ratios is often paramount to the success of any organization, and can shift wildly during different economic cycles. Why should managing compensation, the largest expense, be any different?

Facilitating the investment in today's workforce presents many challenges to even the most adept leadership. They do not always have the necessary resources to manage, communicate, and execute in the most effective ways. When faced with situations like having the know-how to valuate employees, assessing the costs of an internal compensation philosophy, or reconciling the unintended consequences of uninformed decision making there’s no such thing as too much information.

That’s where Componomics comes in.

This webinar was developed by BalancedComp to help you better manage and communicate your organization’s salary administration and compensation philosophy. Through this one-hour session you’ll gain sustainable strategies for measuring the comp plan, communicating the philosophy to the entire team, and developing buy-in to necessary changes that keep employee investors engaged.

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