for banks and credit unions
2015
SALARY & INCENTIVE SURVEY FOR BANKS AND CREDIT UNIONS
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 [email protected] (316) 927-2668
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.
Good Growing,
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.
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
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, 2015. 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
Number of EEs Receiving Bonus: The total number of employees in that specific position who received a bonus % of Average 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
1
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.
2
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
3
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.
4
STEP 4: Combine data with other surveys: To confidently ensure relevance, use data from multiple surveys. We recommend a minimum of four surveys.
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.
TABLE OF CONTENTS
TERMINOLOGY Average: Arithmetic mean of a sample distribution
3 5 5 6 7 8 9 14 17 42 44 135 144
Letter from the CEO Methodology Terminology Data Breakdown Geographic Breakdown Comparables Corporate Incentive Plans Quick Index Job Description Index 2015 Salary Data CEO Performance Review Geographic Wage Differentials Appendices
25th Percentile: The point in an ordered distribution at which 25% are below and 75% are above in the sample set 75th Percentile: 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 Average Bonus: The value resulting from multiplying weighted responses by their relative frequency in the data set
5
QUICK INDEX Accounting & Finance 53
Controller
54
Accounting Manager
55
Senior Staff Accountant
56
Accountant
57
Accounting Specialist II
58
Accounting Specialist I
59
Financial Analyst
60
Payroll 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
Executive 43
14
Chief Executive Officer and President
47
Chief Financial Officer
48
Chief Information Officer
49
Chief Lending Officer
50
Chief Operating Officer
51
Chief Credit Officer
90
Commercial Loan Processor
125
Business Development Officer/Rep
52
Market President
91
Special Assets Manager
126
Graphic Designer
92
Special Assets Officer
Technology
Collections Credit
110
IT Director
Credit Manager
111
Network Administrator
84
Credit Analyst II
112
IT Specialist II
85
Credit Analyst I
113
IT Specialist I
114
Help Desk Specialist
71
Collections Manager
72
Collector II
83
73
Collector I
Consumer Lending Compliance & Audit
74
Consumer Loan Manager
75
Consumer Loan Officer
102
Vice President of Risk
Misc.
76
Indirect Loan Manager
103
Compliance Manager
127
Executive Assistant
77
Indirect Loan Officer
104
Compliance Officer
128
Administrative Assistant I
78
Consumer Loan Underwriter
105
Compliance Specialist
129
Facilities Manager
79
Consumer Loan Processor
106
Director of Internal Audit
130
Receptionist
107
Internal Auditor
131
File Clerk
108
BSA Officer
132
Electronic Services Manager
109
BSA Specialist
133
Electronic Services Specialist
134
Card Services Specialist
Mortgage Lending 93
VP/Head of Mortgages
94
Mortgage Sales Manager
95
Mortgage Loan Originator
96
Mortgage Loan Officer
115
Vice President of Human Resources
97
Mortgage Loan Closer
116
Director of Human Resources
98
Mortgage Loan Processing Supervisor
117
Human Resources Manager
99
Mortgage Loan Processor
118
Human Resources Specialist
100
Mortgage Loan Service Representative
119
Training Manager
101
Mortgage Underwriter
120
Trainer
Commercial Lending
HR & Training
Marketing
86
Commercial Loan Manager
121
Vice President of Marketing
87
Commercial Loan Officer III
122
Director of Marketing
88
Commercial Loan Officer II
123
Marketing Manager
89
Commercial Loan Officer I
124
Marketing Specialist
15
JOB DESCRIPTION INDEX ACCOUNTING & FINANCE Directs the establishment and maintenance of the organization’s accounting principles, practices, and procedures for the maintenance 53
Controller
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.
Manages accounting functions and preparation of reports and statistics reflecting earnings, profits, cash balances, and other financial results.
“BalancedComp makes me a better decision maker.”
54
Accounting Manager
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
From the responsive, proactive relationship she has with her consultant, to working with
Reconciles complex statements, proofs, loans purchased and sold in the 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
an immediately available and knowledgeable staff, she feels supported and empowered
with generally accepted accounting principles and guidelines approved
by each call, email, and support request.
by management.
Reconciles statements, proofs, loans purchased and sold in the secondary 56
Accountant
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.
See the full interview at http://whyilove.balancedcomp.com
17
Teller I
CSR II/MSR II BASE SALARY
Asset Size & Institution
# 75th Receiving Percentile
Median
BONUS 25th Percentile
BASE SALARY
Weighted EEs % of Average Receiving Average Average Bonus Base Bonus
CREDIT UNIONS
Asset Size & Institution
# 75th Receiving Percentile
BONUS
Median
25th Percentile
Weighted EEs % of Average Receiving Average Average Bonus Base Bonus
CREDIT UNIONS
$1B
226
$41,454
$35,845
$31,313
$36,994
79
$2,980
8.06%
75th
Median
25th
Average
75th
Median
25th
Average
BANKS
BANKS
$1B
437
$25,189
$23,712
$21,965
$24,048
121
CREDIT UNIONS & BANKS
Average 75th
Average 50th
Average 25th
Weighted Average
$1B
742
$25,522
$23,923
$22,664
$24,424
68
$1B
19
$39,996
$31,200
$28,340
$33,845
7
$1,248
3.69%
CREDIT UNIONS & BANKS
Average 75th
Average 50th
Average 25th
Weighted Average
1.96%
$1B
245
$41,341
$35,485
$31,082
$36,750
86
$2,839
7.73%
69
SALARY & INCENTIVE SURVEY FOR BANKS AND CREDIT UNIONS
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 [email protected] (316) 927-2668
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.
Good Growing,
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.
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
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, 2015. 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
Number of EEs Receiving Bonus: The total number of employees in that specific position who received a bonus % of Average 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
1
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.
2
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
3
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.
4
STEP 4: Combine data with other surveys: To confidently ensure relevance, use data from multiple surveys. We recommend a minimum of four surveys.
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.
TABLE OF CONTENTS
TERMINOLOGY Average: Arithmetic mean of a sample distribution
3 5 5 6 7 8 9 14 17 42 44 135 144
Letter from the CEO Methodology Terminology Data Breakdown Geographic Breakdown Comparables Corporate Incentive Plans Quick Index Job Description Index 2015 Salary Data CEO Performance Review Geographic Wage Differentials Appendices
25th Percentile: The point in an ordered distribution at which 25% are below and 75% are above in the sample set 75th Percentile: 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 Average Bonus: The value resulting from multiplying weighted responses by their relative frequency in the data set
5
QUICK INDEX Accounting & Finance 53
Controller
54
Accounting Manager
55
Senior Staff Accountant
56
Accountant
57
Accounting Specialist II
58
Accounting Specialist I
59
Financial Analyst
60
Payroll 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
Executive 43
14
Chief Executive Officer and President
47
Chief Financial Officer
48
Chief Information Officer
49
Chief Lending Officer
50
Chief Operating Officer
51
Chief Credit Officer
90
Commercial Loan Processor
125
Business Development Officer/Rep
52
Market President
91
Special Assets Manager
126
Graphic Designer
92
Special Assets Officer
Technology
Collections Credit
110
IT Director
Credit Manager
111
Network Administrator
84
Credit Analyst II
112
IT Specialist II
85
Credit Analyst I
113
IT Specialist I
114
Help Desk Specialist
71
Collections Manager
72
Collector II
83
73
Collector I
Consumer Lending Compliance & Audit
74
Consumer Loan Manager
75
Consumer Loan Officer
102
Vice President of Risk
Misc.
76
Indirect Loan Manager
103
Compliance Manager
127
Executive Assistant
77
Indirect Loan Officer
104
Compliance Officer
128
Administrative Assistant I
78
Consumer Loan Underwriter
105
Compliance Specialist
129
Facilities Manager
79
Consumer Loan Processor
106
Director of Internal Audit
130
Receptionist
107
Internal Auditor
131
File Clerk
108
BSA Officer
132
Electronic Services Manager
109
BSA Specialist
133
Electronic Services Specialist
134
Card Services Specialist
Mortgage Lending 93
VP/Head of Mortgages
94
Mortgage Sales Manager
95
Mortgage Loan Originator
96
Mortgage Loan Officer
115
Vice President of Human Resources
97
Mortgage Loan Closer
116
Director of Human Resources
98
Mortgage Loan Processing Supervisor
117
Human Resources Manager
99
Mortgage Loan Processor
118
Human Resources Specialist
100
Mortgage Loan Service Representative
119
Training Manager
101
Mortgage Underwriter
120
Trainer
Commercial Lending
HR & Training
Marketing
86
Commercial Loan Manager
121
Vice President of Marketing
87
Commercial Loan Officer III
122
Director of Marketing
88
Commercial Loan Officer II
123
Marketing Manager
89
Commercial Loan Officer I
124
Marketing Specialist
15
JOB DESCRIPTION INDEX ACCOUNTING & FINANCE Directs the establishment and maintenance of the organization’s accounting principles, practices, and procedures for the maintenance 53
Controller
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.
Manages accounting functions and preparation of reports and statistics reflecting earnings, profits, cash balances, and other financial results.
“BalancedComp makes me a better decision maker.”
54
Accounting Manager
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
From the responsive, proactive relationship she has with her consultant, to working with
Reconciles complex statements, proofs, loans purchased and sold in the 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
an immediately available and knowledgeable staff, she feels supported and empowered
with generally accepted accounting principles and guidelines approved
by each call, email, and support request.
by management.
Reconciles statements, proofs, loans purchased and sold in the secondary 56
Accountant
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.
See the full interview at http://whyilove.balancedcomp.com
17
Teller I
CSR II/MSR II BASE SALARY
Asset Size & Institution
# 75th Receiving Percentile
Median
BONUS 25th Percentile
BASE SALARY
Weighted EEs % of Average Receiving Average Average Bonus Base Bonus
CREDIT UNIONS
Asset Size & Institution
# 75th Receiving Percentile
BONUS
Median
25th Percentile
Weighted EEs % of Average Receiving Average Average Bonus Base Bonus
CREDIT UNIONS
$1B
226
$41,454
$35,845
$31,313
$36,994
79
$2,980
8.06%
75th
Median
25th
Average
75th
Median
25th
Average
BANKS
BANKS
$1B
437
$25,189
$23,712
$21,965
$24,048
121
CREDIT UNIONS & BANKS
Average 75th
Average 50th
Average 25th
Weighted Average
$1B
742
$25,522
$23,923
$22,664
$24,424
68
$1B
19
$39,996
$31,200
$28,340
$33,845
7
$1,248
3.69%
CREDIT UNIONS & BANKS
Average 75th
Average 50th
Average 25th
Weighted Average
1.96%
$1B
245
$41,341
$35,485
$31,082
$36,750
86
$2,839
7.73%
69
