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.
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.
Strategic foresight, meticulous planning, and a people-centric approach are indispensable in navigating the complex landscape of compensation issues during a merger or acquisition.
Small to medium-sized financial institutions are typically employee-centric and deeply committed to fostering a positive work culture that values collaboration, empathy, and kindness. Their core values align with the belief that a friendly and supportive environment enhances employee well-being and strengthens customer relationships. However, this can make addressing the delicate balance between niceness and performance challenging.
As AI reshapes the financial services industry, banks and credit unions must adapt to remain competitive. The transformation of compensable factors and job duties is inevitable.
One of the most challenging conversations you may encounter is explaining to employees that their current salary level exceeds the maximum of the pay range, making them ineligible for a salary increase.
Many banks and credit unions just completed the biggest net income year seen in many years. This didn’t merely happen due to general strategies in place by senior managers. The interest on loans advised on, processed, and delivered by knowledgeable employees who had earned clients’ trust over the years was a driving contribution.
