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Guide to Banking Salary Tools
How to determine salaries in bankingAlong with training and development, salary helps you not only recruit but also retain productive employees. Several resources exist online to help you set fair yet favorable banking salaries to offer potential job candidates or retain current employees.
Banks and other financial institutions have become essential to the world's economy. Not only do banks transfer risk, they also facilitate transactions from large to small, among other things. Running a bank involves many facets with human resources just being one. When using banking salary tools, be sure to include your own analysis of:
1. The candidate's individual experience in the banking field and any banker salary requirements.
2. The candidate's special training or other qualifications which would raise the potential banking compensation.
3. Banking salary ranges should also take into account the candidate's ability to work well with others.
Action Steps
The best contacts and resources to help you get it done
Study banking salary information available online
From a vice president to a bank teller, you can locate bank salary information quickly and easily online. Research points to the latest pay scales and other wage information that can be useful in determining a salary pay range.
I recommend:
Browse available banking salary charts at Vault.com. Sign up for a gold membership to access full details. Receive a detailed report based on the industry, location and company size at Business & Legal Reports, Inc. For a subscription fee, take advantage of the American Bankers Association salary survey on senior bank jobs.
Check out compensation software to help manage banking salaries
Finding a way to apply your research is the key to determining salaries. Why not let the computer do it for you? A number of providers offer compensation software that can be purchased and downloaded.
I recommend:
Economic Research Institute offers different compensation software packages. Try a demo first to see if the software fits your needs. Halogen Software also offers a variety of compensation and other business software. Free demo and trial versions can be requested.
Learn how to negotiate banker salary effectively
You'll be hard pressed to find a more touchy subject than salary. That's why it's so important to master the art of negotiation.
I recommend:
Read this article from Salary.com detailing specific goals and benchmarks to keep in mind when setting salaries in banking. Read tips at PayScale on how to manage pay negotiations without ruining your chances to bank an extraordinary employee.
Tips & Tactics
Helpful advice for making the most of this Guide- Employment in the banking industry is expected to grow at an average pace--projected at 13% between 2006 and 2016--due to replacing workers who retire or leave the field. Replacing older workers with younger workers can benefit your bottom line with less expected in banker salaries. However, you'll also be dealing with inexperience.
