As the economy struggles to regain its footing, pay increase budgets increased only slightly for banking and financial organizations this year. The newly released 2012 Compensation Data Banking & Finance survey results indicate pay increase budgets rose to 2.7 percent, just below the expected increase of 2.8 percent for this year. An increase to 2.9 percent is expected in 2013.
“For the past few years, pay increase budgets for many industries have stagnated or experienced only lukewarm increases,” said Amy Kaminski, director of marketing for Compdata Surveys. “This will likely continue to be the trend until employers begin to feel economically comfortable.”
Pay increase budgets vary slightly by industry, as credit unions reported the highest pay increase budgets at 3.2 percent. Commercial banks and consumer finance and mortgage employers reported a 2.6 percent increase. All industries expect an increase in 2013.
According to the results, pay increase budgets vary by state as well. Across the country, pay increase budgets range from 2.3 percent to 3.1 percent. Most areas expect a small boost next year but some states like Florida and New York project budgets will stay the same.
About the Survey
The 2012 Compensation Data Banking & Finance results provide a comprehensive look at pay data, benefits information and pay practices with an effective date of February 1, 2012. The survey covered more than 100 industry-specific job titles and 400 benchmark titles, ranging from entry-level to top executives, with data collected from nearly 12,000 banking and finance organizations across the country.
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 Michelle Willis at (800) 300-9570.