The 2022 Compensation Survey, conducted by Bank Director and sponsored by Newcleus Compensation Advisors, published last week is a proven industry resource that provides directors and officers in financial organizations with valuable planning and strategic information.
“Our most recent survey of talent and compensation challenges facing community banks affirms these pressures we have observed in the current environment – escalating compensation and benefit costs and a struggle to find and retain good employees”
“Our most recent survey of talent and compensation challenges facing community banks affirms these pressures we have observed in the current environment – escalating compensation and benefit costs and a struggle to find and retain good employees,” said Flynt Gallagher, President of Newcleus Compensation Advisors.
“Today, community banks are competing with diverse industries for talent, and there just aren’t enough qualified candidates to go around, driving up compensation costs,” Gallagher said.“Clearly, the findings in our survey reveal the struggle our industry faces to find and keep the people necessary for their success.”
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The survey finds that wages were under pressure in 2021. Almost all (98%) of responding directors, human resources officers, CEOs and other senior executives of U.S. banks increased non-executive pay, and 85% increased executive compensation in response to the heightened competition to recruit and retain key talent.
The study examines wages, compensation management and the special challenges that organizations face when hiring and retaining the valuable employees that make up their key leadership teams as well as their workforce overall.
The survey executive summary says, “When asked about the specific challenges their organization faces in attracting and retaining talent, bankers and directors point to an insufficient number of qualified candidates (76%), rising wages in their markets (68%) and rising pay for key positions (43%). In anonymous comments, respondents describe other difficulties, such as competition from other industries, challenges with remote or hybrid work and younger workers’ disinclination for certain types of long-term compensation.”
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The survey gathered data on CEO and director compensation, CEO turnover rates and c, as well as additional talent needs and online recruiting and reputation monitoring.
The views of 307 independent directors, CEOs, HROs and other senior executives of U.S. banks below $100 billion in assets were gathered in 2021. Compensation data for directors, non-executive chairs and CEOs was also collected from the proxy statements of 96 publicly traded banks.
The survey summary is now available on Newcleus.com and BankDirector.com.
Newcleus powers organizations as the leading designer and administrator of compensation, benefit, investment and finance strategies. The personalized product selections, carrier solutions and talent retention programs are curated to optimize benefits and improve ROI.
Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Since 1991, Bank Director has provided board-level research, peer-insights and in-depth executive and board services. Built for banks, Bank Director extends into and beyond the boardroom by providing timely and relevant information through Bank Director magazine, board training services, and the financial industry’s premier event, Acquire or Be Acquired.
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