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.
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.
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.
Above-average inflation will continue to confound financial institutions that wish to remain competitive with salary compensation in 2022. This article will help you to better navigate inflation and how it may impact compensation at banks and credit unions.
Inflation is projected to reach 8% next year and if you want to remain competitive with your salary and compensation you will need to adjust your Merit Increase Matrix. We have assimilated some facts and information that will help you ensure that you are paying accurately and fairly in 2022.
According to market research in the financial industry, these are the workplace benefits that are most effective at attracting and retaining millennial talent during “The Great Resignation.”
In what has been a record-setting year already, 2021 continues to surprise with more unexpected trends in the labor market for the financial services industry. Banks and Credit Unions are already facing labor shortages due to the post-pandemic reality and are now faced with a new set of financial factors to reconcile: increasing salaries in key departments and positions.
The new normal comes with new rules. BalancedComp’s 2021-2022 Salary and Incentive Survey provides essential intel for the changing financial industry workforce.
