2024-2025 Salary & Incentive Survey
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2024-2025 Annual Compensation Report

BalancedComp's Annual Compensation Report is your go-to blueprint for fine-tuning pay strategies in 2025. It provides key trends and insights for HR professionals and executives in the financial industry, along with interesting facts about our company and employees, showcasing our culture and dedication to making data work for people.

2024 BalancedComp Top Articles

The Definitive Merit Increase Matrix for 2024



The Definitive Merit Increase Matrix for 2025

The labor market is starting to cool off after record-high pay raises in 2023 and 2024. Last year was the year of the outlier for the banking industry, with some jobs, like IT Business Analyst, seeming to have salary growth of up to 40% over the past two years in at least one national survey.



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CEO Report

How does CEO base compensation compare to that of their employees?

Download BalancedComp's research findings, which provide the average ratio for this comparison across various asset sizes for banks and credit unions.

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insight

Comparisons with similar asset sizes across the industry can help determine
whether your CEO's compensation aligns with the corporate compensation strategy.




 

Average Chief Officer
Salary Increases

How did your Chief Officers' 2024 salary increases stack up against the industry averages for your asset size? Download a report of the average increase for the CEO, CFO, COO, CLO, and CIO positions.

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+1.93%
+4.18%
+2.09%
+3.66%



 

Average HR Team Salaries

Download a report including positions like Head of HR, HR Director, HR Manager, Recruiter, HR Generalist, and HR Specialist.

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$130,194
$70,281
$134,257
$69,575

2024 BalancedComp Stats

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CEO Report

How do your major departments' headcounts compare to the competition?

This report can only be found at BalancedComp and covers other subjects like average direct reports to the CEO and average numbers of supervisors.

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insight

Consider your strategy amongst departments versus your peers. Paying too
many people can be worse than paying individuals too much or too little.




 

2024 Bank Incentive Pay

Download and view average and median incentive pay percentages for 50+ benchmark positions across all asset sizes in the Bank industry.

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9.68%
26.59%
6.19%
19.52%



 

2024 Credit Union Incentive Pay

Download and view average and median incentive pay percentages for 45+ benchmark positions across all asset sizes in the Credit Union industry.

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7.90%
15.42%
6.07%
14.60%

2024 Staff Favorites

Here are some of the BalancedComp team's favorite things from 2024

2024 Pay Equity by Minority Status

BalancedComp has evaluated average compa ratios for minorities vs non-minorities across all our asset sizes for Banks and Credit Unions.

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93.34%
92.95%
93.45%
90.95%



 

2024 Pay Equity by Gender

BalancedComp has evaluated average compa ratios for men, women, and non-binary employees across all our asset sizes for Banks and Credit Unions.

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93.88%
93.41%
93.49%
92.06%

2024 BalancedComp Stats

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FinComp 2024

FinComp 2024: A Milestone Year of Growth and Connection

This year's event surpassed our inaugural conference, with a larger, more diverse audience and an outstanding lineup of renowned speakers. The lively discussions, expanded networking opportunities, and enthusiastic feedback highlighted FinComp's growing impact on fostering collaboration and innovation within your industry.

We look forward to seeing you again next year!

Scenes from FinComp 2024

Accelerate your compensation and performance strategy

Over 300 banks and credit unions across the US pay and evaluate their employees using the BalancedComp suite of products.

2024's Essential Product Updates: Top 10 New Features

Our team's goal is to make your day easier, more productive, and maybe even a little more fun. Here's your exclusive look at the most exciting updates of the year—each designed to supercharge your experience.

User Avatars/Replace user modal with User Form

CEO Pay Ratio Report

Expanded Salary Review Statements

2025 BalancedComp Budget Recommendations

Option for employees to self-evaluate

Show archived employees in BalancedResults

Post-Review Comments Page

New plans page and expanded mass actions

Customize Performance Review Section Titles

“Delight” is a brand pillar we incorporate whenever we can. In that spirit, for our users who do not have a profile picture uploaded, we've added 9 new avatar options! All users have received an avatar by default, but can select a new one from their profile inside BalancedComp, BalancedResults, or BalancedRewards!

This upgrade was accompanied by a revamp of our User email/password form. We now show our password requirements and give you live updates as you enter your new password as well.

We're thrilled to introduce a groundbreaking addition to our BalancedComp reporting suite - the CEO Pay Ratio Report. It reveals and compares your CEO pay, average non-CEO pay, and the resulting ratio against those same values for all BalancedComp clients within your industry and asset size.

But it doesn't stop there. Now, for the first time ever, you'll see the average CEO pay, average non-CEO employee pay, and CEO pay ratio for not just your industry and asset size but also across all industries and asset sizes. This empowers you with unparalleled data-driven insights to make informed compensation decisions and comprehensively view your organization's compensation practices in a broader context.

We're excited to introduce an enhancement that simplifies the rollout process of your salary review statements in BalancedComp. When you finalize your budget numbers and are ready to roll them out, in addition to the current option to email salary review statements directly to the employees, you can now email them directly to a supervisor for all their employees!

This update empowers supervisors to communicate these salary updates seamlessly to their teams, enhancing efficiency and reducing administrative steps. It's a game-changer in making your salary review process more collaborative and responsive to your organization's needs.


We've expanded your customization options on BalancedComp's Salary Review Statements feature in two meaningful ways. First, you now have the option to remove the employee's performance score from the Header Content. Additionally, we've added 4 new merge tags to use in your Letter Content: Current Wages, New Wages, Dollar Increase, and Percent Increase!

This year, we've dropped a budget in your BalancedComp system entitled “BalancedComp 2025 Recommended Budget.” It already includes all your employees (excluding your CEO), splits them up by job classification, and assigns them to a merit increase matrix in alignment with Christie Summervill's Definitive Merit Increase Matrix. Enjoy!

We are unveiling our most significant BalancedResults feature to date: the option for employees to enter self-ratings. This highly requested feature has been eagerly anticipated by our clients and prospects alike. With self-ratings, employees have the opportunity to tangibly assess and share their reflections on performance, accomplishments, and areas for improvement.

This also allows for gap analysis between employee and supervisor perspectives. Employees can gain valuable insights that help them enhance their skills and advance, and supervisors can identify areas where expectations and communication are not aligned.

While not all clients may take advantage of this feature, we're excited to provide the option, empowering you to tailor your process to best suit your needs.

We've eliminated a massive limitation in BalancedResults: Company Admins can now view and access archived employees and all their reviews! Previously, archived employees were only viewable in BalancedComp and had limited functionality; you could only download completed plans in PDF format.

Now, Company Admins can explore all plans of archived employees—Draft, Active, and Completed—right within BalancedResults. No more limitations to PDF downloads; you can navigate and reference plans conveniently, making accessing archived employee information easier and more efficient than ever before.

Over the years, our clients have consistently communicated the need for an open area to add comments after a BalancedResults review is locked. Reasons have varied widely, from succession or training plans to employees wanting to document their disagreement with the final score. Now, regardless of the reason for or the author, anybody with access to a performance review can add a comment to the Post-Review Comments section, even after the plan is completed!

BalancedResults company admins often need to create plans for large groups of employees simultaneously, and we're making it easier than ever before. Previously, you could only create plans based on your system's position template content. However, we understand that the most up-to-date plan versions sometimes reside with the employees themselves, not in the position templates.

You can now create plans en masse with newfound flexibility! You can choose plan content from three sources: the position template, the employee's most recently completed plan, or the employee's active plan. This powerful feature empowers you to select the content that best suits your needs, ensuring that your mass-created plans are always aligned with the latest information.


Sometimes things change! We get that. Until now, if you needed to change all your BalancedResults performance reviews' important dates, you'd either have to do it by hand or contact BalancedComp support. We've now added the option to select as many draft and active reviews as you'd like and edit those dates instantly as necessary. Voila!

As our BalancedResults clients know, our performance reviews have historically offered four potential sections: Core Competencies, Objectives, Special Projects, and Training Modules. While we believe these sections offer a strong foundation for any meaningful review, we understand that our clients have varying needs and require more flexibility! You'll now find the option to edit the titles of these four sections!

300+ job descriptions

The BalancedComp app comes with job descriptions for more than 300 industry positions, which you can modify and incorporate when building your own.

Job descriptions added in 2024:

  • Credit Analyst III
  • DevOps Engineer
  • HELOC Underwriter
  • Licensed Sales Assistant
  • Scrum Master I
  • Sr. Risk Specialist
  • Systems Engineer
  • Interactive Teller (ITM)