Banking and Finance Pay Increase Budgets Have Fallen

August 17, 2009 ( - Pay increase budgets have fallen to 2.9%, according to the newly released Compensation Data Banking & Finance 2009 survey.

Survey results show that these budgets will remain the same in 2010, according to a press release.

The survey found credit unions have high pay increase budgets at 3.4%, and projected budgets for 2010 of 3.1%, while commercial banks have the lowest pay increase budget at 2.5%. Consumer finance and mortgage companies are at 2.7% for 2009.

Projected budgets for 2010 are 2.5% and 2.7% for consumer finance and mortgage companies and commercial banks, respectively.

The press release said pay increase budgets are highest in Iowa, Missouri, Nebraska, and Oklahoma at 3.1%, while Louisiana and North Carolina average 3%.

Compensation Data Banking & Finance 2009 contains data on more than 100 industry-specific job titles and more than 250 benchmark titles ranging from entry-level to top executives. Data is collected annually from employers across the country, and the 2009 results provide a summary of pay data, benefit information, and pay practices with an effective date of February 1.

New this year, the survey includes information on cost-containment strategies employed in the past 12 months – hiring freezes, pay freezes, furloughs – and how that affects salary increase budgets.

The survey report can be ordered from here .