Pay Increase Budgets Decrease in 2009 for Banking and Financial Organizations

Kansas City, Kan. — The newly released Compensation Data Banking & Finance 2009 survey results show pay increase budgets have fallen to 2.9 percent.  With pay increase budgets down this year, the banking and financial organizations surveyed have projected pay increase budgets will stay the same in 2010. These numbers further reinforce predictions of little economic growth in the coming year.

"For many years, pay increase budgets were stagnate across all industries. The recent downturn is indicative of increased economic pressure," said Amy Kaminski, manager of marketing programs for Compdata Surveys. "With layoffs commonplace, many companies are working to keep current employees on staff, while keeping the organization afloat. Increasing pay is of little concern."

The Compensation Data Banking & Finance results found pay increase budgets are highest in Iowa, Missouri, Nebraska and Oklahoma at 3.1 percent. Louisiana and North Carolina follow with an average of 3 percent.

Pay increase budgets vary within the industry. Credit unions have high pay increase budgets, 3.4 percent, but their projected budgets for 2010 are 3.1 percent. In comparison, commercial banks have the lowest pay increase budget, 2.5 percent. Consumer finance and mortgage companies are at 2.7 percent for 2009. The 2009 Compensation Data Banking & Finance results show projected budgets for 2010 are 2.5 and 2.7 for consumer finance and mortgage companies and commercial banks, respectively.  

About the Survey
Compensation Data Banking & Finance 2009 contains data on over 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. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of February 1, 2009.

"Compdata Surveys offers pay and benefits data in eight, industry-specific sets of results for organizations across the country," said Kaminski. "The results allow users to compare data by company size, region, state and local geographic area allowing customers to find information best fitting their needs."
 
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988.  For further information about the compensation and benefits surveys, contact Amy Kaminski at (800) 300-9570.