Banking and Finance Pay Increase Budgets Decreased in 2010

Little change is expected over the next year, as banking and finance organizations predict a slight uptick in 2011 to 2.9%, according to a press release.  

Pay increase budgets vary within the industry as credit unions had the highest pay increase budget at 2.9%. Consumer finance and mortgage companies followed at 2.8%. Commercial bank respondents had the lowest pay increase budget at 2.3%.   

Credit unions are projecting the highest pay increase budget in 2011 at 3.2%, with commercial banks projecting the lowest, 2.6%.

The press release said banking and finance companies in the Midwest reported the highest pay increase budget (2.6%). This is closely followed by organizations in the East, South and West regions at 2.5%. Respondents in the South are projecting the highest pay increase budgets for 2011 at 3%, while companies in the East, Midwest and West all follow at 2.8%.  

Compensation Data Banking and Finance 2010 contains data on over 100 industry-specific job titles and more than 250 benchmark titles ranging from entry-level to top executives. The results provide a summary of pay data, benefit information and pay practices with an effective date of February 1, 2010.