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Will Your Salary Plan Be Competitive in 2019?

October 9 — In the fourth annual Salary Survey for Banks and Credit Unions, Wichita, Kan.-base BalancedComp has published an asset  with cutting-edge insights for human resource managers and directors in the throes of salary administration planning for 2019. The survey was completed in the summer of 2018 and is ready for instant  download now.

“We do this survey to capture the information and put it to work for our own clients, and to provide an additional source for the market at large,” explained Anthony Bieker, compensation director and economist for BalancedComp.

The ’18-’19 survey analyzes responses from 396 banks and credit unions throughout the U.S. by industry, asset, geographic wage differentials and by bank or credit union. It is the only salary survey that produces a cross-section of banks and credit unions, to dial into the most competitive, relevant salary data by market.

“It’s our job to make our clients’ jobs easier,” said Christie Summervill, BalancedComp CEO. “The data held in our annual salary survey takes away so much of the manual math and gut-instinct guessing that consumes weeks and even months of HR’s time each fall. This data is the key to narrowing down to the exact market parameters for each individual organization.”

Key findings from the most recent survey include:

  • Industry-average turnover rates at 19.7 percent
  • 2019 average projected labor budget increases 3.2 – 3.5 percent (up from 18.2% in
    2018)
  • 2019 average projected midpoint movement of 2.2 – 2.5 percent
  • 2019 average projected labor budget is 3.3 – 3.5 percent
    As well, this year’s most sought-after positions are named in the Hot Jobs list:
  • Seasoned Commercial Loan Officers
  • Data Analysts
  • Senior Credit Analysts
  • IT Jobs, i.e. Information Security Officers

BalancedComp’s Salary Survey for Banks and Credit Unions is available for instant download at Balancedcomp.com/product/salary-survey/ for $895 and provides national medians for 120
industry-specific benchmark positions and answers common questions about SERPs, turnover and benefits.

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