2023 Bank & Credit Union Employee Salaries

By Jordan Summervill

2023 Bank & Credit Union Employee Salaries

From mid-2021 through December 2022, more than 4 million people quit their job every month in America. Workers have continued resigning in search of better pay and benefits, with a significant priority placed on work-life balance and flexibility. Meanwhile, those who have resigned have been shuffling around the job market and have re-evaluated their perspectives toward any new job entirely. Some workers have switched industries or started their own businesses, while others lean toward early retirement. With only a slight decline in the national quit rate in January 2023, data suggests that this surge in employee resignations may continue through the end of the year.

Fortunately, the BLS reports that the Financial Services industry is currently averaging a quit rate of only 1.5% (2.4% across sectors). Still, surveys show that banks and credit unions continue to experience challenges with recruiting and retention. The 2022-2023 BalancedComp Salary & Incentive Survey would be in accord as 93 of the included financial institutions averaged a 22% turnover in 2021, up 5% from the previous year. The 2022 turnover rate is forecasted to reach a historical high of around 24%. This survey also shows that over half (53.7%) of credit unions and banks planned to increase their staff in 2023, either overall or in select departments. 

So how do we attract and retain qualified employees while keeping existing staff engaged and satisfied in their careers?

1. Increase employee compensation (wages/incentives/benefits) based on market data. While several sources show projected 4-5% salary increases for 2023, this still decreases employees’ purchasing power. As of February 2023, food prices are up 9.5%, and energy prices increased 5.2%. In brighter news, inflation dropped to 6%; However, its direction remains uncertain at this time.

2. Provide out-of-cycle salary increases in economic conditions such as these. It’s important to note that inflation soared in 2022, peaking at 9.1% in June. With an 8% average last year, many organizations (86%) will provide out-of-cycle raises in order to combat inflation and cost of living increases (up 6.5% for all items in December of 2022). This may also include making compensation adjustments in preparation for paying more for new hires in this volatile job market. Existing staff will also need salary increases to avoid internal wage compression, and implementing pay transparency policies within your business can be imperative.

3. Pay transparency should be implemented with precise, market-based salary ranges. Though your state may not yet abide by new legislation in regard to pay transparency laws, this is an effective way to build an internal culture of trust by allowing your employees to fully understand how they are being compensated.

4. Consider Flexible Work Arrangements (remote work or hybrid schedules). Two-thirds of employers are currently providing some form of flexible working arrangement. Flexibility is a prominent place to start if an organization is unable to increase its budget but aims to improve its overall employee experience and job satisfaction.

5. Investing in employee professional development and continued learning opportunities. This will result in a collective growth of internal knowledge and transferable experience, allowing for more in-house promotional opportunities and mutually beneficial incentives. Continuous education for workers also doesn’t necessarily have to equate to tuition reimbursement – many advantages come with incorporating this into your corporate culture, for both the company and its employees.

6. Rewards programs are being added, tested, and revamped. Today’s volatile job market is further encouraging more organizations to apply these methods, now more than ever, to recruit and retain their employees. New challenges often require new, innovative solutions. Before current market trends took precedence, corporate reward programs were often overlooked or generally considered an afterthought, as the job market was typically viewed as more stable, predictable, and there were less direct motivations for needing one. Like most other corporate programs, these should not follow a one-size-fits-all approach. Establishing a rewards program rollout is simply the first step, which should continue to be evaluated and optimized frequently. Factoring social and financial recognition into your work culture is a positive and powerful way to improve your workers’ experiences and overall performance.

As we approach the end of Q1 this year, there are murmurs of the Great Resignation having completely fizzled out. This hope is supported by the record-low unemployment rate, currently at 3.4%. However, it is also important to keep in mind that there are nearly 3 million fewer workers (2% of the labor force) today than there were pre-pandemic.

The market remains strongly employee-driven with ~ 2 open roles for every available worker.

According to Payscale’s 2023 Compensation Best Practices report, 35% of U.S. businesses say that compensation is the biggest factor for voluntary turnover in 2022. With several sources citing that compensation will be more challenging in 2023, it is critical for organizations to be making data-driven decisions while remaining agile and responsive to these turbulent market conditions. 

The labor market today is filled with workers who have numerous options and are willing to negotiate for better terms or leave. Of course, it is essential to analyze the latest market data in regard to salary increases. Having said that, establishing competitive salaries is just the beginning of building a compensation package that will successfully recruit and retain the workforce you need in this current economic climate.

Below are the national averages for 17 common positions in financial institutions. 

These averages have been trended to 7/1/23. In order to tailor the midpoints to your specific market, these salaries must be multiplied by your geographical wage differential (“geo” percentage). Although this compensation methodology is the definitive way to establish an organization’s salary ranges, it does not ensure a job-ready workforce for your area of the country.

1. Teller

Credit Unions Banks
$100-200M $31,192 $30,486
$200-400M $31,622 $31,279
$400-600M $31,956 $31,661
$600M-1B $32,443 $31,755
$1B-2B $32,573 $31,770
$2B-4B $32,988 $32,564


2. CSR

Credit Unions Banks
$100-200M $37,366 $37,192
$200-400M $37,493 $37,205
$400-600M $37,649 $37,399
$600M-1B $37,726 $37,522
$1B-2B $38,279 $37,632
$2B-4B $38,634 $37,775


3. Accounting Specialist

Credit Unions Banks
$100-200M $42,738 $42,963
$200-400M $43,775 $43,814
$400-600M $44,784 $44,375
$600M-1B $45,648 $44,820
$1B-2B $46,368 $45,323
$2B-4B $46,400 $45,706


4. Help Desk Specialist

Credit Unions Banks
$100-200M $43,520 $44,780
$200-400M $45,132 $45,993
$400-600M $45,332 $46,382
$600M-1B $46,839 $46,770
$1B-2B $47,576 $47,755
$2B-4B $49,800 $49,137


5. Trainer

Credit Unions Banks
$100-200M $51,493 $51,119
$200-400M $52,235 $52,071
$400-600M $54,692 $54,469
$600M-1B $56,613 $56,103
$1B-2B $57,898 $57,038
$2B-4B $59,298 $58,412


6. Consumer Loan Officer

Credit Unions Banks
$100-200M $51,152 $52,685
$200-400M $52,492 $53,264
$400-600M $53,994 $54,633
$600M-1B $55,533 $56,114
$1B-2B $56,071 $56,775
$2B-4B $56,956 $57,811


7. Degreed Accountant I

Credit Unions Banks
$100-200M $56,284 $57,395
$200-400M $58,838 $59,198
$400-600M $59,687 $59,795
$600M-1B $60,279 $60,034
$1B-2B $60,356 $60,153
$2B-4B $61,928 $60,392


8. Branch Manager I

Credit Unions Banks
$100-200M $59,313 $62,678
$200-400M $61,731 $63,670
$400-600M $63,345 $63,980
$600M-1B $64,614 $64,282
$1B-2B $65,739 $65,334
$2B-4B $67,151 $66,104


9. Mortgage Underwriter

Credit Unions Banks
$100-200M $66,577 $63,775
$200-400M $68,050 $66,549
$400-600M $69,625 $68,345
$600M-1B $70,945 $71,503
$1B-2B $71,063 $72,448
$2B-4B $71,409 $72,657


10. Financial Analyst

Credit Unions Banks
$100-200M $70,151 $70,479
$200-400M $71,763 $71,046
$400-600M $72,388 $73,109
$600M-1B $76,197 $77,381
$1B-2B $76,488 $77,814
$2B-4B $77,702 $78,460


11. Marketing Manager

Credit Unions Banks
$100-200M $76,983 $76,846
$200-400M $80,084 $78,258
$400-600M $83,778 $82,787
$600M-1B $87,182 $87,588
$1B-2B $93,338 $92,992
$2B-4B $96,637 $94,507


12. Compliance Manager

Credit Unions Banks
$100-200M $86,083 $82,528
$200-400M $88,475 $88,838
$400-600M $92,906 $94,932
$600M-1B $98,221 $102,497
$1B-2B $104,999 $106,742
$2B-4B $105,901 $108,947


13. VP of HR

Credit Unions Banks
$100-200M $113,296 $121,758
$200-400M $121,572 $126,927
$400-600M $136,909 $136,276
$600M-1B $149,693 $147,820
$1B-2B $171,971 $171,714
$2B-4B $195,876 $204,424


14. Controller

Credit Unions Banks
$100-200M $109,099 $106,319
$200-400M $114,835 $108,261
$400-600M $119,686 $115,301
$600M-1B $120,403 $116,564
$1B-2B $143,900 $137,992
$2B-4B $165,034 $165,212


15. IT Executive

Credit Unions Banks
$100-200M $123,854 $124,314
$200-400M $152,299 $150,896
$400-600M $164,293 $167,484
$600M-1B $180,378 $180,246
$1B-2B $209,472 $209,957
$2B-4B $227,449 $224,238


16. Chief Financial Officer

Credit Unions Banks
$100-200M $140,090 $149,232
$200-400M $169,887 $165,060
$400-600M $188,404 $186,988
$600M-1B $209,964 $205,869
$1B-2B $259,380 $249,103
$2B-4B $302,988 $309,096


17. CEO

Credit Unions Banks
$100-200M $210,350 $214,136
$200-400M $274,254 $273,387
$400-600M $323,693 $315,055
$600M-1B $367,857 $367,095
$1B-2B $487,434 $489,855
$2B-4B $599,567 $594,173


We are able to produce this accurate, timely data and valuable industry insights largely due to the support and participation we receive from banks and credit unions nationwide, who continue to help make our annual BalancedComp Salary and Compensation Survey such an invaluable benchmark data asset.  We invite you to participate in the new BalancedComp 2023-2024 Salary & Incentive Survey for financial institutions, open from March 31 through May 31, 2023. Participation is both free and confidential, and those who choose to participate in advance will receive a $500 price discount on the final survey report being published in September 2023.

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