Banking and finance companies across the country continue to search for ways to reward employees, despite the shrinking pay increase budgets and pay freezes seen throughout the industry.
The newly released 2010 Compensation Data Banking & Finance survey results show that exempt employees with less than one year of service earn an average of 6.8 vacation days, while non-exempt employees earn 5.4 days.
Almost 60 percent of the banking and finance companies offering paid vacation to employees use years of service to determine the number of days an employee can accrue. Exempt employees with 5 years of service average 14.3 days of vacation, compared to those with 10 years of service, 17 days. Employees with 20 years of service have 21.3 days of vacation, according to the newly released results. Both exempt and non-exempt employees are granted an average of 3 personal days per year. Exempt employees are granted 9 sick days per year, while non-exempt employees receive 8 days.
“In retaining top employees, many organizations are finding enhancements to time off programs may be a viable alternative to granting pay increases,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “Until effects of the economic recovery can be felt, it will remain important for companies to be creative and make the most of their compensation budgets.”
While only half of banking and finance companies allow carryover of vacation days from one year to the next, 95 percent of those place a limit on the number of days that can be carried over. Compensation Data 2010 Banking and Finance shows exempt employees can carry over up to 19.5 days of vacation, while non-exempt employees are allowed to carry over up to 19.3 days.
About the Survey
Compensation Data 2010 Banking & Finance contains data on over 100 industry-specific job titles and more than 250 benchmark titles ranging from entry-level to top executives. Data is collected annually from banking and finance employers across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of February 1, 2010.