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.
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.
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.
Determining if your organization is experiencing wage compression requires a thorough analysis of your employees' compensation levels and the pay structure within the company.
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.
