The Changing Landscape in Tech Salaries at Financial Institutions

 The U.S. is home to some of the largest and most successful IT companies in the world. Regardless of a financial institution’s asset size, it will compete with large companies for top-tier IT talent capable of implementing evolving technology strategies. From 2000 – 2020, most exempt-level IT salaries moved year over year twice as fast as positions in the market at large, making it difficult to stay competitive to the market and requiring higher salary increases to attract experienced talent.

Corporate Incentives Without Expensive Entitlements

 Organizations are shifting their corporate reward program structures, validating the importance of employee productivity and the motivations needed to help the company achieve its growth strategy and share mutual rewards.

2023 Bank & Credit Union Employee Salaries

 Over half of credit unions and banks have reported plans to increase their staff in 2023, either overall or in select departments. Based on BalancedComp data, here are 17 compiled employee salary averages of commonly held positions in the financial industry.

Remote Work Spotlights Geographic Wage Differentials

 With the increase in remote hiring, more than 50% of financial institutions have expanded their recruiting to other markets. With employees’ newfound ability to work from anywhere, geographic pay differentials (“geos”) have been thrust into the spotlight.

Why CEO Pay Ratios Don’t Really Matter

 Is it out of line for the Chief Executive of a successful company to be paid hundreds of times the salary of their average employee? Or are these high salary discrepancies are deserved?

The Pitfalls of Poor Compensation Strategy

 A good compensation strategy is essential to any financial institution. More than a "nice to have" or "best practice," a solid compensation strategy ensures that your bank or credit union pays for performance and demonstrates equitable pay values from top to bottom.

30 Fastest-Growing Salaries for Financial Institutions in 2023

 2022 has been like any other year for measuring compensation at banks and credit unions. Salaries writ large are having trouble keeping up with inflation, but these top 30 fastest-growing salaries span all departments of financial institutions.

The Definitive Merit Increase Matrix for 2023

 Every financial institution relies on some form of a merit increase matrix to ensure that they are paying for the performance of their top employees. 2023 is shaping up to be the most consequential year to date for compensation. Having an accurate and timely merit increase matrix will help to guide you through turbulent times in the financial industry.

2022 Salaries of Employees at Banks & Credit Unions

 The Great Resignation is having rippling effects on salary expectations for banks and credit unions nationwide. Based on BalancedComp data, we have compiled the average salaries of 17 commonly held positions in the financial industry.
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