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February 28th @ 10:45 am CST

How to Build Salary Ranges and Pay Grades

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March 28th @ 2:00 pm CST

How to Build Salary Ranges and Pay Grades

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Some of the hottest jobs right now are in the information technology sector, and it’s creating a boon for talent and a skills gap for recruiters. It’s not industry-specific, because everyone from banks and credit unions to retailers and manufacturers needs this talent pool in spades. And this “problem” isn’t going away anytime soon, with lofty projections through the next decade.

One Million Jobs

That’s how many more open positions than college graduates are projected in the IT sector by 2020, per

There’s a talent shortage and simultaneous spike in demand. Employers have to compete against one another for employees, only driving up the wages of IT positions. And because these positions are transferable across industry, competition exists not only between banks and credit unions, but across unrelated industries. Banks are just as likely to compete with an aviation firm or food startup!

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Since the announcement of the reduction of the U.S. corporate tax from 35% to 21%, 64 banks nationwide have raised their minimum salaries to $15 per hour and/or given up to $1500 bonuses. The participation has increased by 50% since January 1.

Some banks have increased their 401K matching, while others have made significant donations to non-profit work in their communities. This trend impacts the market at large at companies that banks may compete against for talent. For example:

  • Target announced it will raise salaries to $15 per hour by the year 2020.
  • Apple announced it will reinvest $350 billion in the U.S. and add an additional 20,000 jobs during the next five years.
  • Disney announced $1,000 bonuses for 125,000 employees and a $50 million investment in new employee education programs.

Corporations with freed up capital are investing in the war for talent and in their communities, all of which has caused concern for community banks and credit unions wrestling with their compensation strategies. Should they follow suit and raise pay to $15 an hour, or stick with a plan they know and trust?

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Industry-rattling news continues to break this week as we hear of more financial institutions across the country taking advantage of their pending tax savings.

In response, Wells Fargo and Fifth Third Bank announced they would increase minimum hourly pay rates to $15. Additionally, Fifth Third will offer one-time bonuses of $1000 to its employees. These two aren’t alone. More than 40 banks have made similar announcements for wage hikes and/or bonuses.

It has, of course, put HR managers at banks, and credit unions alike, on high alert! Should they follow suit? If so, for all positions or just those that are highly recruitable?

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How do these minimum wage increases affect bank and credit union employees where there are entry-level, low-skill positions to fill?

For financial institutions, this would impact positions from almost every department. Some of these positions will include:

  • Tellers
  • Accounting specialists
  • Consumer loan processors
  • Customer service reps
  • Call center reps
  • Card services reps
  • Help desk staff
  • Receptionists
  • Administrative assistants
  • Couriers
  • Facilities

Minimum wage is a volatile issue with staunch supporters and adversaries arguing for both sides. Those against the minimum wage hike contend that it increases costs for the employer which in turn increases costs to consumers and ultimately reduces revenue because of a decline in sales. Lower revenue forces a reduction in low-skilled positions which impacts the unemployment rate.

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We’ve spent the last year creating an entirely new BalancedResults, our performance management app designed to increase employee productivity. This isn’t an average update, and we didn’t just make a few tweaks or tune-up the backend.

We burned it down!

Our dev team scrapped the original BalancedResults and went to ground to build an entirely new application that outperforms the original in every single way. It’s faster, sleeker, smarter, more intuitive, and more accommodating than even we could have imagined at the outset. We’ve invested significant time and the sharpest talent to deliver a tool that completely transforms how our clients develop, document, and manage employee performance.

“The new BalancedResults evolved from everything our clients have been asking for. We listened intently to the feedback, requests, and help tickets from these HR executives to build a new platform that better serves their needs,” acclaimed Jacqualyn Summervill, Chief Product Officer for BalancedComp.

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