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.
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.
Human Resources managers and executives are some of the most sought-after candidates for all major companies today, not just at financial institutions. The following is a closer look at salaries for HR professionals at banks and credit unions nationwide.
This is proving to be one of the most difficult periods for HR managers at banks and credit unions. Hiring and retaining talent is a top priority nationwide and everyone is trying to find the best practices for building a successful work culture and compensation packages at all levels. With crisis comes opportunity and in this case, The Great Resignation is showing a surprising silver lining for financial institutions that can capitalize on it.
We are in the midst of one of the greatest ages of employee turnover in recent history. While some are changing jobs because of better pay or a career change, many more are quitting their jobs due to toxic work culture. We interviewed Heather Hernandez, a VP of Human Resources and a BalancedComp client regarding the positive work culture changes she has implemented, which have had a positive return on employee retention.
