New Features: November 2024

November brought some massive changes to BalancedComp and BalancedResults, from a revolutionary Turnover Report to expanded and redesigned Feedback Sessions. These updates not only offer insight into turnover trends but also enhance the user experience for both supervisors and admins, making it easier to manage feedback and track performance.

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Transforming Performance Reviews: From Cruise Control to Growth Engine

 The end goal of performance reviews is to help employees understand their strengths and weaknesses and improve. Managers often treat these mechanically, while employees are primarily focused on the amount of annual increase they will receive, with little concern for the feedback from their manager. Could it be that by shifting their perspective and recognizing the mutual benefits of open communications and genuine feedback, the performance review can completely transform?

Industry Update: DOL’s Ruling Struck Down

 HR executives at banks and credit unions should be aware of a significant legal development regarding the U.S. Department of Labor’s (DOL) proposed salary threshold increases for exempt employees under the Fair Labor Standards Act (FLSA).

New Features: October 2024

 This October, we’ve released a litany of massive, widely requested features in BalancedComp and BalancedResults. They include new vibrant avatars, an unlocked post-review section, the ability to update review dates en masse, and much more!

The Definitive Merit Increase Matrix for 2025

 The labor market is starting to cool off after record-high pay raises in 2023 and 2024. Last year was the year of the outlier for the banking industry, with some jobs, like IT Business Analyst, seeming to have salary growth of up to 40% over the past two years in at least one national survey.

Gender and Minority Pay Disparity Virtually Vanquished by Community Banks and Credit Unions

 A comprehensive pay analysis conducted by BalancedComp, a consultancy specializing exclusively in financial institutions, reviewed data from over 300 client banks and credit unions with assets between $50M and $12B, representing over 67,000 employees.

New Features: August 2024

 This month, we're thrilled to introduce our largest Results feature yet, empowering employees with the option to enter self-ratings. Additionally, we've addressed a commonly reported issue from our support team, streamlining the password reset process for smoother navigation.

Why Hire a Compensation Consultant?

 Compensation consultants help make HR a better business partner to their company as they drive the total employee reward proposition, limiting unnecessary turnover, and demonstrating how pay compares to the market rate for better business decisions.

New Features: July 2024

 This month, while a major focus was time-proofing our internal-facing data, we were also able to implement several improvements specifically requested by clients during our Annual Client Satisfaction survey in May!

Strategies for Optimizing Employee Satisfaction During Mergers and Acquisitions

 Strategic foresight, meticulous planning, and a people-centric approach are indispensable in navigating the complex landscape of compensation issues during a merger or acquisition.
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