2022-2023 Compensation Report by BalancedComp

Welcome to the 2022-2023 Compensation Report

It's officially budget building season. Throughout this page, you'll find timely resources (and a few fun surprises) that have been hand-picked by the BalancedComp team to set you up for success in 2023.

New | Compensation

The Definitive Merit Increase Matrix for 2023

Every financial institution relies on some form of a merit increase matrix to ensure that they are paying for the performance of their top employees. 2023 is shaping up to be the most consequential year to date for compensation. Having an accurate and timely merit increase matrix will help to guide you through turbulent times in the financial industry.

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Average salary increases from 2019-2023

Top 5 Positions with the Fastest Growing Salaries

According to 2022-2023 BalancedComp Salary & Incentive Survey

Changes in Executive Salaries in 2023

What did the BalancedComp team love in 2022?

What did the BalancedComp
team love in 2022?

Average 2022 incentive pay amounts

Banks

Job Classification	$2B - $4B	$1B - $2B	$600M - $1B	$400M - $600M	$200M - $400M	$100M - $200M
Exempt	10.60%	9.50%	8.22%	8.00%	7.40%	7.00%
Non-Exempt	6.70%	6.15%	5.35%	5.30%	5.15%	4.90%
CEO	60.00%	40.00%	31.00%	28.00%	24.25%	19.00%
C-Suite Executive	34.00%	25.00%	20.00%	18.00%	16.00%	13.75%
Executive Non-C-Suite	22.50%	17.50%	16.45%	14.70%	12.75%	11.00%

Credit Unions

Job Classification	$4B - $8B	$2B - $4B	$1B - $2B	$600M - $1B	$400M - $600M	$200M - $400M	$100M - $200M
Exempt	10.55%	9.45%	8.07%	6.77%	6.45%	6.33%	5.81%
Non-Exempt	7.10%	6.33%	5.80%	4.67%	4.44%	4.38%	4.31%
CEO	32.00%	27.56%	23.86%	18.57%	15.27%	12.64%	12.64%
C-Suite Executive	28.55%	23.34%	18.10%	13.39%	11.73%	10.50%	8.25%
Executive Non-C-Suite	25.00%	20.99%	15.54%	12.55%	11.50%	10.17%	8.06%