The Great Resignation of 2021, also known as “The Big Quit,” involved nearly 50 million American workers voluntarily resigning from their place of work.

Low-paying positions and “frontline workers” who worked directly with customers and without departmental advancement opportunities were particularly affected. This shortage in the labor workforce has sparked competition amongst banks and credit unions to attract workers that will stay by reassessing and ramping up their compensation plans mid-year and with good reason. According to the ADP Research Institute, “On average, job switchers are finding 8-13% wage growth”. There is a good deal of variance based on industry and location, but it is clear that there may be a silver lining for folks looking to change employers.

In addition to competitive compensation for high-performing staff, there were other economic factors at play as well. 2021 was recognized as having a strong wage growth recovery. However, with increasing inflation, layoffs are inevitable. While salaries go up, headcount goes down as companies strive to increase efficiency. On average, from 2021-to 2022, financial institutions’ headcount has reduced by 7-7.5%, and it is difficult to predict how hiring and retention will be managed this year as well. 

Below are the national salary averages for 17 common positions in financial institutions. In order to tailor the midpoints to your specific market, these salaries must be multiplied by your geographical wage differential (geo%). 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	$27,051	$27,539
$200-400M	$27,410	$27,721
$400-600M	$27,643	$27,988
$600M-1B	$28,069	$28,647
$1B-2B	$28,412	$28,865
$2B-4B	$28,845	$28,970

 

2. CSR

	Credit Unions	Banks
$100-200M	$32,015	$32,685
$200-400M	$32,814	$32,833
$400-600M	$32,885	$32,900
$600M-1B	$32,896	$33,106
$1B-2B	$33,049	$33,383
$2B-4B	$34,002	$33,761

 

3. Accounting Specialist

	Credit Unions	Banks
$100-200M	$37,621	$37,983
$200-400M	$38,963	$39,196
$400-600M	$39,878	$39,763
$600M-1B	$39,945	$39,912
$1B-2B	$40,290	$41,024
$2B-4B	$41,111	$41,427

 

4. Help Desk Specialist

	Credit Unions	Banks
$100-200M	$38,447	$39,333
$200-400M	$40,802	$40,949
$400-600M	$41,229	$41,045
$600M-1B	$41,992	$42,187
$1B-2B	$42,339	$43,581
$2B-4B	$43,731	$44,411

 

5. Trainer

	Credit Unions	Banks
$100-200M	$47,516	$48,021
$200-400M	$47,761	$48,267
$400-600M	$49,667	$49,376
$600M-1B	$50,241	$50,463
$1B-2B	$50,685	$51,082
$2B-4B	$51,998	$51,625

 

6. Consumer Loan Underwriter

	Credit Unions	Banks
$100-200M	$49,230	$49,935
$200-400M	$49,785	$50,578
$400-600M	$51,207	$51,214
$600M-1B	$52,171	$52,367
$1B-2B	$52,331	$52,859
$2B-4B	$52,485	$53,077

 

7. Accountant

	Credit Unions	Banks
$100-200M	$51,992	$52,400
$200-400M	$52,390	$53,280
$400-600M	$53,338	$53,326
$600M-1B	$53,482	$53,347
$1B-2B	$53,886	$54,552
$2B-4B	$55,706	$55,530

 

8. Branch Manager

	Credit Unions	Banks
$100-200M	$55,608	$58,272
$200-400M	$57,236	$58,447
$400-600M	$58,672	$59,643
$600M-1B	$59,947	$60,648
$1B-2B	$61,803	$61,522
$2B-4B	$62,482	$62,366

 

9. Mortgage Underwriter

	Credit Unions	Banks
$100-200M	$63,632	$64,216
$200-400M	$64,292	$64,440
$400-600M	$64,359	$65,035
$600M-1B	$66,200	$66,790
$1B-2B	$67,204	$67,869
$2B-4B	$67,703	$67,931

 

10. Financial Analyst

	Credit Unions	Banks
$100-200M	$65,288	$64,892
$200-400M	$65,985	$66,274
$400-600M	$66,998	$67,887
$600M-1B	$67,590	$69,349
$1B-2B	$70,259	$71,807
$2B-4B	$72,004	$72,726

 

11. Marketing Manager

	Credit Unions	Banks
$100-200M	$69,995	$72,609
$200-400M	$73,937	$73,798
$400-600M	$75,976	$77,016
$600M-1B	$79,899	$78,521
$1B-2B	$87,888	$86,049
$2B-4B	$90,717	$90,612

 

12. Compliance Manager

	Credit Unions	Banks
$100-200M	$79,872	$80,961
$200-400M	$80,592	$83,470
$400-600M	$85,314	$85,283
$600M-1B	$91,612	$92,418
$1B-2B	$98,352	$99,885
$2B-4B	$101,716	$112,141

 

13. VP of HR

	Credit Unions	Banks
$100-200M	$96,871	$98,909
$200-400M	$111,544	$115,288
$400-600M	$125,256	$123,020
$600M-1B	$135,792	$135,329
$1B-2B	$155,560	$160,495
$2B-4B	$181,437	$184,800

 

14. Controller

	Credit Unions	Banks
$100-200M	$96,641	$96,411
$200-400M	$99,861	$97,325
$400-600M	$105,958	$105,021
$600M-1B	$111,659	$110,718
$1B-2B	$126,411	$125,932
$2B-4B	$145,399	$146,536

 

15. IT Executive

	Credit Unions	Banks
$100-200M	$105,507	$109,257
$200-400M	$130,314	$131,994
$400-600M	$144,269	$142,351
$600M-1B	$153,202	$152,745
$1B-2B	$186,297	$185,762
$2B-4B	$203,418	$201,510

 

16. Chief Financial Officer

	Credit Unions	Banks
$100-200M	$127,860	$131,905
$200-400M	$152,911	$154,061
$400-600M	$166,087	$167,999
$600M-1B	$189,962	$191,648
$1B-2B	$232,034	$233,014
$2B-4B	$268,105	$272,246

 

17. President/CEO

	Credit Unions	Banks
$100-200M	$193,708	$198,019
$200-400M	$251,242	$251,706
$400-600M	$298,860	$293,370
$600M-1B	$343,057	$333,518
$1B-2B	$458,504	$454,270
$2B-4B	$541,056	$546,044

 

We are able to produce this accurate and timely salary data and valuable insights because of the support and participation we receive from banks and credit unions nationwide, who help make our annual BalancedComp Salary and Compensation Survey.  We invite you to take part in the new BalancedComp 2022-2023 Salary & Incentive Survey for financial institutions, now through June 30, 2022. Participation is free and confidential and if you do participate in advance, you will receive $500 OFF of the final report when it is published in September 2022. 

You are also invited to join our HR Roundtable and hear from your peers what they are doing to combat The Great Resignation. Check for upcoming dates for our regular HR roundtable discussion, hosted by BalancedComp CEO Christie Summervill, a nationally-recognized expert in salaries and compensation for banks and credit unions.

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