Academic journal article ABA Banking Journal

Benchmark Data: Survey Tracks Bank Pay Trends

Academic journal article ABA Banking Journal

Benchmark Data: Survey Tracks Bank Pay Trends

Article excerpt

To stay competitive, banks have been taking steps to ensure their pay rates and compensation attract and retain employees. According to the results of the 2012 ABA Compensation & Benefits Survey, 55% of the 334 banks responding offered bonuses for performance, while 39% had an across-the-board increase in salaries in the year ending in December 2011. In fact, 92% of respondents chose to increase base salaries in that year. During the same period, surveyed banks increased base salaries by an average of 2.8%--a slight increase from the previous year's average increase of 2.6%.

The survey also looked at trends in executive pay. The average base salaries of surveyed chief executive officers went up by 5% in 2011 from the previous year. The survey covers more than 200 job positions. Besides CEOs, other results saw a slight percent increase in the average base salary of the chief operating officer, and a close to 6% increase for the chief lending officer.

A closer look at this year's survey respondents finds that 60% had assets of under $500 million. A majority of the responding banks (66%) were stock-owned, with a little under 60% being commercial banks and 41% being savings banks. …

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