SALARY & INCENTIVE SURVEY FOR BANKS AND CREDIT UNIONS

Transcription

1 2015 SALARY & INCENTIVE SURVEY FOR BANKS AND CREDIT UNIONS

2 LETTER FROM THE CEO Dear Colleague, 2015 BALANCEDCOMP SALARY & INCENTIVE SURVEY FOR BANKS AND CREDIT UNIONS Prepared by: Anthony Bieker, Economist Christie Summervill, CEO Kenton Hansen, Director of Marketing If you have questions or comments, please contact: Anthony Bieker (316) The economy is growing. The hiring market is becoming increasingly competitive. Companies are capitalizing on growth opportunities, and launching new revenue-generating initiatives. In these times, high-performing organizations realize effective compensation and management systems drive corporate performance and ensure the most value from every compensation dollar. For these reasons, BalancedComp is pleased to present the 2015 Salary & Incentive Survey for Financial Institutions. To give better insight, we have cut our data by asset size, segmented by industry, and provided a combined weighted average. We are excited to provide incentive data this year, but we are disappointed in the low participation by institutions with the smallest assets. Gathering the right data is just the first step necessary to foster a thoughtfully administered salary administration system. If we can be of any assistance in establishing your salary ranges and grades, feel free to reach out to me personally for a complimentary review of your salary administration needs. ACKNOWLEDGMENTS BalancedComp wishes to thank the many hard-working HR professionals who made this survey possible. Without their hours dedicated to compiling this data, there would be no survey. To all of our wonderful clients, the whole BalancedComp team wishes to express our gratitude. We are grateful you chose us as your trusted partners. It is with great pleasure that we continue to serve you each day. Good Growing, Christie Summervill Chief Executive Officer COPYRIGHT 2015 BY BALANCEDCOMP, LLC. ALL RIGHTS RESERVED. All rights reserved. This publication may not be reproduced in any form without written permission of the publisher. 2 3

3 TABLE OF CONTENTS 3 Letter from the CEO 5 Methodology 5 Terminology 6 Data Breakdown 7 Geographic Breakdown 8 Comparables 9 Corporate Incentive Plans 14 Quick Index 17 Job Description Index Salary Data 44 CEO Performance Review 135 Geographic Wage Differentials 144 Appendices METHODOLOGY The 2015 BalancedComp Salary & Incentive Survey was created to be applicable for both banks and credit unions across the United States. The survey opened on April 1, 2015 and closed on June 30th, In that time, we received 174 respondents, and were able to benchmark more than 80 positions. The survey was conducted via online surveys. Respondents were prompted to answer questions about: institutional characteristics institutional performance employee turnover corporate incentive structure salary and incentive information This data was segmented and grouped by asset size. Positions with 4 or fewer responses were excluded from the survey. A (-) symbol was used to represent an insufficient sample size. TERMINOLOGY : Arithmetic mean of a sample distribution : The point in an ordered distribution at which 25% are below and 75% are above in the sample set : The point in an order distribution at which 75% are below and 25% are above in the sample set Median: The point in an ordered distribution at which an equal number of values are above and below in the sample set # Receiving: The actual number of employees represented in respondent data for that specific position Weighted Bonus: The value resulting from multiplying weighted responses by their relative frequency in the data set Number of EEs Receiving Bonus: The total number of employees in that specific position who received a bonus % of Base: The percentage of average base pay reported as incentive pay for a specific position Sample Size (n): The number of financial institutions unions that responded to the question Advice on using the data STEP 1 - Locate the job: You can always use the Quick Index on page 14 to locate the position s page number, or the use the Job Description Index to find the position that is the best match to your specific job. Then find that position s data for your asset size. STEP 2 - Adjust the national data to your local market: Use the geographic wage differentials starting on page 135 to adjust the national data points to reflect your specific market. If your city is not in the survey, give us a call and we will happily provide it for you. The formula to adjust to your geographic region is: ( Geo / 100 ) * Survey Data STEP 3 - Determine where the appropriate pay level is in the range: Is this position a hard to fill? Try to pay at or slightly above the midpoint. Given the incumbent is performing well, we recommend the non-exempt positions be at midpoint within 3 years. If the position is exempt or executive, we recommend the position be at midpoint in 5 years. STEP 4: Combine data with other surveys: To confidently ensure relevance, use data from multiple surveys. We recommend a minimum of four surveys. 5

4 QUICK INDEX Accounting & Finance 51 Chief Credit Officer 90 Commercial Loan Processor 125 Business Development Officer/Rep 53 Controller 52 Market President 91 Special Assets Manager 126 Graphic Designer 54 Accounting Manager 55 Senior Staff Accountant 56 Accountant 57 Accounting Specialist II 58 Accounting Specialist I 59 Financial Analyst 60 Payroll Specialist Collections 71 Collections Manager 72 Collector II 73 Collector I Consumer Lending 74 Consumer Loan Manager 92 Special Assets Officer Credit 83 Credit Manager 84 Credit Analyst II 85 Credit Analyst I Compliance & Audit Technology 110 IT Director 111 Network Administrator 112 IT Specialist II 113 IT Specialist I 114 Help Desk Specialist Branch Operations 61 Vice President of Branch Operations 62 Regional Manager 63 Branch Manager II 64 Branch Manager I 65 Assistant Branch Manager 66 Teller Supervisor 67 Teller II 68 Teller I 69 CSR II/MSR II 70 CSR I/MSR I Call Center 80 Call Center Manager 81 Call Center Representative II 82 Call Center Representative I 75 Consumer Loan Officer 76 Indirect Loan Manager 77 Indirect Loan Officer 78 Consumer Loan Underwriter 79 Consumer Loan Processor Mortgage Lending 93 VP/Head of Mortgages 94 Mortgage Sales Manager 95 Mortgage Loan Originator 96 Mortgage Loan Officer 97 Mortgage Loan Closer 98 Mortgage Loan Processing Supervisor 99 Mortgage Loan Processor 100 Mortgage Loan Service Representative 101 Mortgage Underwriter 102 Vice President of Risk 103 Compliance Manager 104 Compliance Officer 105 Compliance Specialist 106 Director of Internal Audit 107 Internal Auditor 108 BSA Officer 109 BSA Specialist HR & Training 115 Vice President of Human Resources 116 Director of Human Resources 117 Human Resources Manager 118 Human Resources Specialist 119 Training Manager 120 Trainer Misc. 127 Executive Assistant 128 Administrative Assistant I 129 Facilities Manager 130 Receptionist 131 File Clerk 132 Electronic Services Manager 133 Electronic Services Specialist 134 Card Services Specialist Executive 43 Chief Executive Officer and President 47 Chief Financial Officer 48 Chief Information Officer 49 Chief Lending Officer Commercial Lending 86 Commercial Loan Manager 87 Commercial Loan Officer III 88 Commercial Loan Officer II 89 Commercial Loan Officer I Marketing 121 Vice President of Marketing 122 Director of Marketing 123 Marketing Manager 124 Marketing Specialist 50 Chief Operating Officer 14 15

5 JOB DESCRIPTION INDEX ACCOUNTING & FINANCE 53 Controller Directs the establishment and maintenance of the organization s accounting principles, practices, and procedures for the maintenance of its fiscal records and the preparation of its financial reports. Directs general and property accounting, cost accounting, and budgetary control. Appraises operating results in terms of costs, budgets, operating policies, trends, and increased profit opportunities. BalancedComp makes me a better decision maker. 54 Accounting Manager Manages accounting functions and preparation of reports and statistics reflecting earnings, profits, cash balances, and other financial results. Formulates and administers approved accounting practices throughout the organization to ensure that financial operating reports accurately reflect the conditions of the business and provide reliable information necessary to control operations. Kristen Spear VP of Human Resources & Facilities Reconciles complex statements, proofs, loans purchased and sold in the From the responsive, proactive relationship she has with her consultant, to working with an immediately available and knowledgeable staff, she feels supported and empowered by each call, , and support request. 55 Senior Staff Accountant secondary market, fixed-asset system, check register, and student loan portfolio, A/H and credit life insurance, and investments in accordance with generally accepted accounting principles and guidelines approved by management. See the full interview at 56 Accountant Reconciles statements, proofs, loans purchased and sold in the secondary market, fixed-asset system, check register, student loan portfolio, A/H and credit life insurance, and investments in accordance with generally accepted accounting principles and guidelines approved by management. 17

6 Teller I CSR II/MSR II BASE SALARY BONUS BASE SALARY BONUS Asset Size & Institution # Receiving Median EEs Weighted Receiving Bonus Bonus % of Base Asset Size & Institution # Receiving Median EEs Weighted Receiving Bonus Bonus % of Base CREDIT UNIONS CREDIT UNIONS <$250M 176 $24,752 $22,880 $20,946 $23, $ % <$250M 45 $36,556 $33,862 $28,600 $32, $250M-$500M 240 $27,108 $24,496 $22,941 $25, $ % $250M-$500M 79 $36,587 $34,341 $31,314 $34, $500M-$1B 274 $26,549 $24,440 $22,755 $25, $ % $500M-$1B 150 $38,251 $35,048 $31,034 $34, $3, % >$1B 305 $26,000 $24,226 $23,665 $24, $ % >$1B 226 $41,454 $35,845 $31,313 $36, $2, % BANKS Median BANKS Median <$250M 36 $25,397 $23,619 $20,576 $23,995 9 $ % <$250M 6 $32,256 $30,098 $26,749 $29, $250M-$500M 136 $26,000 $23,379 $21,164 $24, $1, % $250M-$500M 32 $36,520 $31,860 $30,118 $33, $500M-$1B 160 $27,128 $24,908 $22,880 $25, $ % $500M-$1B 12 $36,494 $33,381 $28,080 $33, >$1B 437 $25,189 $23,712 $21,965 $24, $ % >$1B 19 $39,996 $31,200 $28,340 $33,845 7 $1, % CREDIT UNIONS & BANKS 50th Weighted CREDIT UNIONS & BANKS 50th Weighted <$250M 212 $24,861 $23,005 $20,883 $23, $ % <$250M 51 $36,050 $33,419 $28,382 $32, $250M-$500M 376 $26,707 $24,092 $22,298 $24, $ % $250M-$500M 111 $36,568 $33,626 $30,970 $34, $500M-$1B 434 $26,763 $24,613 $22,801 $25, $ % $500M-$1B 162 $38,121 $34,925 $30,815 $34, $3, % >$1B 742 $25,522 $23,923 $22,664 $24, $ % >$1B 245 $41,341 $35,485 $31,082 $36, $2, % 68 69

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