Showing posts with label salaries. Show all posts
Showing posts with label salaries. Show all posts

Tuesday, September 20, 2011

Survey Indicates Banks Are Starting to Recover

20 Sep 2011 15:35 Africa/Lagos

Survey Indicates Banks Are Starting to Recover

Crowe Horwath LLP releases findings from its 2011 Financial Institutions Compensation survey

PR Newswire

OAK BROOK, Ill., Sept. 20, 2011

OAK BROOK, Ill., Sept. 20, 2011 /PRNewswire/ -- Shifting priorities, modest salary increases and even rising turnover are all indicators that banks are beginning to recover from the recent economic downturn, as reported in Crowe Horwath LLP's 2011 Comprehensive Financial Institution Compensation Survey. In 2011, the average salary increase for officers and non-officers was 2.4 percent.

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The survey, which compiled data from 280 U.S. financial institutions, is conducted annually by Crowe, one of the largest public accounting and consulting firms in the U.S. Now in its 30th year, the survey found the top human resource priorities for the year are retaining employees, developing employees and motivating better performance. Containing costs dropped in priority, falling three spots from last year's survey.

"This year's survey shows the positive trend of banks refocusing their efforts on current employees, through developmental programs and moderate salary increases," said Timothy Reimink, a senior consultant in Crowe's Performance group.

Employee turnover is also returning to pre-recession levels. Non-officer turnover increased to 17 percent in 2011 compared to 12 percent in 2010. Officer turnover increased to 6.6 percent in 2011, reversing the downward trend of the past four years. "It appears employees were more confident in looking for new jobs as the outlook for banks stabilized," said Reimink.

For 2011, heads of personal investment sales received a total compensation increase of 25.5 percent, which is nearly all from bonuses as their base pay decreased by 3.7 percent. "Investment sales bonuses are based on activity in the stock market and that can come from buying or selling. In 2010, there was a rebound in stock activity and investment sales benefitted from that," said Reimink. "However, this year it seems stock activity has already hit a plateau, so it's unlikely we'll see this size of increase again next year."

As regulations for banks have increased over the past year, so too have the responsibilities of chief compliance officers, and the survey shows they are being rewarded for their efforts. They received a 6.1 percent raise in base pay for a 7.4 percent increase in total compensation.

Additional survey findings include:

* Residential mortgage loan officers received the largest total compensation increase of 34.1 percent. Reimink noted that even though home sales were down, interest rates reached new historic lows, causing a continued uptick in mortgage refinancing activity.
* Chief lending officers and chief information officers had 11.6 percent increases in base pay but saw reductions in total compensation of 2.8 percent and 3.2 percent, respectively, as a result of decreases in bonus pay. Similarly, chief financial officers had a base pay increase of 8.3 percent but saw a decrease in total compensation of 2.4 percent. According to Reimink, this decrease in bonus pay is likely due to the performance of financial institutions and a shift away from cash bonuses toward restricted stock, which isn't included in total cash compensation.
* Half of the financial institutions surveyed plan to maintain staffing levels at current levels with 24 percent expecting staffing growth.
* After averaging 11.35 percent of base pay for three years, aggregate incentive compensation declined to 7.4 percent of base pay in 2011. Reimink notes continued lower financial performance and slow growth appear to be impacting incentive payouts.
* While regulators expect that all incentive compensation plans are reviewed by the boards of directors, only 51.1 percent of financial institutions surveyed indicated their compensation committee reviews and approves plans. Only 35.4 percent indicated they review incentive compensation plans annually.
* While 87.7 percent of banks surveyed say they have a pay-for-performance program, their actual practices in granting merit pay increases do not appear to support this objective. Banks rated 26.9 percent of their employees as exceeding expectations in 2011, and on average gave these employees a 3.2 percent salary increase. This is not much more than the average 2.6 percent increase given to those employees meeting expectations. "Management may be missing the boat by not using pay to motivate and reward top performers," Reimink added.

"This year's survey showed that containing costs was reported as of lesser importance compared to last year. However, long-term projections suggest benefit costs may rise back to the top in our future surveys," added Pat Cole, a senior manager in Crowe's Audit and Financial Advisory practice, who specializes in human resources consulting for financial institutions. Seventy percent of institutions plan to increase deductibles, premiums and co-payments as a way to pass more costs onto their employees.

In addition to the national survey, Crowe prepared regional compensation reports for the Midwest and Southeast, as well as state reports for Florida, Illinois, Indiana, Kentucky, Michigan, New Jersey and Ohio. For more information or to purchase the survey results, please visit

About the 2011 Crowe Horwath Financial Institution Compensation Survey

The 2011 Crowe Horwath Financial Institution Compensation Survey was completed by 280 financial institutions. Using data from March 31, 2011, the participant breakdown is as follows: 35 percent had less than $250 million in total assets, 28 percent had between $250 million and $500 million in total assets, 16 percent had between $500 million and $1 billion in total assets, 17 percent had between $1 billion and $10 billion in total assets and 4 percent had more than $10 billion in total assets. Of the participants, 200 of the financial institutions were located in towns with populations of less than 100,000, while 80 were located in cities of more than 100,000.

About Crowe Horwath

Crowe Horwath LLP ( is one of the largest public accounting and consulting firms in the United States. Under its core purpose of "Building Value with Values®," Crowe assists public and private company clients in reaching their goals through audit, tax, advisory, risk and performance services. With 26 offices and 2,400 personnel, Crowe is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest networks in the world, consisting of more than 140 independent accounting and management consulting firms with offices in more than 400 cities around the world.

SOURCE Crowe Horwath LLP

CONTACT: Amanda Shawaluk, +1-312-899-8416,; Jan Lippman, +1-312-899-8414,,Twitter: @Crowe_USNews

Web Site:

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Thursday, March 3, 2011

Shattering the Glass Ceiling

3 Mar 2011 10:00 Africa/Lagos

Shattering the Glass Ceiling

LONDON, March 3, 2011/PRNewswire/ --

- Despite 100th Anniversary of International Women's Day, Female Earnings Gap Persists

There continues to be an earnings gap appearing between men and women according to new research released by recruiter Robert Half UK from the fifth annual ICAEW/Robert Half Career Benchmarking Survey. Overall, an average basic salary of GBP62,300 (median GBP55,000) for females is around 70% that of their male colleagues' GBP89,500 (median GBP76,500). For those in the earlier stages of their career (under the age of 30), the earnings gap between females and males appears to be widening. In 2010 males under 30 earned an average of GBP8,000 more than their female counterparts and in 2009 the difference was an average of GBP2000.

This discrepancy reflects in part at least influences from other factors found in the same survey, such as female ACAs being more likely to work part-time at critical career development stages, for example 24% of female ACAs aged 30-45 are working part-time, compared with only 3% of their male colleagues, or that male ACAs are more likely to work within the private sector or outside the UK where higher salaries are on offer.

"These results are certainly concerning, and indicate that there are inconsistencies between men and women within the accountancy profession," said Phil Sheridan, managing director of Robert Half UK. "Robert Half supports emerging policies to make recruitment processes more transparent and offer women a seat at the decision-making table, especially in light of the 100th anniversary of International Women's Day. It is also important that women who are looking for an executive or C-level role have a plan in place to tackle any challenges they may encounter on their climb up the career ladder."

Robert Half UK offers the following advice on how women can successfully manage their executive career path:

Create a Career Plan

Determining where you want to go and then developing a detailed career plan for getting there will allow you to make a difference in your organisation, while assisting you in laying the groundwork for your journey to the top. You'll find it much easier to keep your eye on your ultimate career goals if you have outlined an effective plan on how to do this.

Consider What You Really Want

Initiate your planning process by taking time to think about what you want to accomplish and why. Ask yourself the difficult questions you need to consider, like are you prepared for the long hours and responsibility that comes with being a senior-level executive? Do you enjoy managing people and solving complex problems? And finally, is your family prepared to make the adjustments and sacrifices necessary so that you can pursue your leadership aspirations?

Develop and Build Your Skills Now

Skills development, especially for executive leaders, is an ongoing process and essential for women who have their eye on the C-suite. Developing the appropriate technical, managerial and interpersonal skills can lead to advancement opportunities as well as help prepare for the challenges that lay ahead. Thoroughly investigate what advanced education and training opportunities are available and take advantage of any tuition reimbursement programs offered.

Take Risks

Risk-taking in business requires leaving your comfort zone and tackling the problems that no one else wants to undertake. One of the best ways to do this is to seek a variety of responsibilities or positions within your current organisation, even if some are lateral moves. Showing that you not only understand, but have been accountable, in part, for a company's fiscal health, will help you build your skills, while exposing you to a variety of people and business situations.


People like to work with and support people they know, so don't underestimate the power of traditional and online networking. Increasing your visibility by expanding your contacts, both internally and externally, can play a considerable role in your career advancement. To develop your network, consider joining professional organisations and attending conferences and seminars.

About the Survey

The fifth annual ICAEW/Robert Half Career Benchmarking Survey examines salary and remuneration, recruitment and life cycle trends affecting ACAs. Conducted by an independent research company in the fourth quarter of 2010, it includes responses from over 3,000 ACAs in business.

To view a three part video series summarising the findings of the ICAEW / Robert Half Career Benchmarking Survey, visit our video page (

About Robert Half

Robert Half pioneered specialised recruitment services and today is the world's leader in the field. Founded in 1948, the company is traded on the New York Stock Exchange (symbol: RHI) and operates five separate divisions in the UK, each serving distinct markets. They include: Robert Half Finance & Accounting and Robert Half Management Resources, for temporary, permanent and project professionals, respectively, in the fields of accounting and finance; OfficeTeam, for administrative support, Robert Half Financial Services Group, for finance and banking professionals and Robert Half Technology, for IT professionals.

There are more than 350 Robert Half locations in North America, South America, Europe and the Asia-Pacific region. For more information about Robert Half please visit:

Source: Robert Half

Contacts: Kristie Perrotte,, +44(0)2073312222

Saturday, January 29, 2011

Google makes Top 10 Places to work in the world

Happy Google staff in Africa

The world's leader in online search and major stakeholder in online solutions and other gadgets Google makes Top 10 of the best places to work in the world according FORTUNE.

And the winners are...

Fat paychecks, sweet perks, fun colleagues, and over 150,000 jobs ready to be filled -- these employers offer dream workplaces. Meet this year's top 100, network with the winners on LinkedIn, and more. More

Boston Consulting Group
Wegmans Food Markets

See the top 100

Camden Property Trust

Nugget Market