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.
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.
The Great Resignation era was unofficially declared over in the Summer of 2023. This year shows dynamic shifts and settling to these recently turbulent labor market conditions.
Administrator Isabella Casillas Guzman, Head of the U.S. Small Business Administration (SBA) and the voice for America’s 33.2 million small businesses, opened a window of new applications for Small Business Lending Company (SBLC) licenses for the first time in over 40 years.
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.
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.
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.
IT jobs are in high demand across all industries, and it can be difficult to recruit top talent at your bank or credit union. The following are some guidelines and best practices to follow for effectively finding and keeping the right technical talent for your organization.
