Technology and the economy have changed the recruiting landscape for the banking and finance industry. Based on the 2011 Compensation Data Banking & Finance survey results, more organizations are using cash options as a recruitment tactic in the midst of a struggling economy. From 2009 to 2011, organizations offering a bonus based on length of employment increased from 12.8 percent to 17.3 percent.
The methods used to recruit new employees have also changed, with a significant increase in the use of internet resume databases. In 2011, 46.2 percent of organizations utilized this method, up from 38.7 percent in 2010. More banking and finance companies are also using online advertising as a means to recruit employees. In 2010, 80.4 percent of companies recruited on the Internet but in 2011, 84.6 percent of banking and finance employers advertised online.
Perhaps as a reflection of the recent change in unemployment, more than 96 percent of organizations reported they were actively recruiting as compared to 2010 when 94.5 percent of employers were recruiting.
“As the economy slowly recovers, organizations are challenged with retaining high performing employees,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “With the job market opening up, employees are looking to take their next career step, and employers are turning their focus to keeping these employees satisfied.”
A recent Monster.com Workplace Survey confirms this, indicating many are pursuing work again as they did prior to the recession. Employees see this as the time to take control of forwarding their career. Many of those looking for their next career move believe they will find it this year.
Overall, turnover rates in the banking and finance industry have seen a slight decrease between 2010 and 2011. The survey indicates that the voluntary turnover rate for banking and finance employers dropped from 11.7 percent in 2010 to 11.2 percent in 2011. Credit unions showed the largest decrease in voluntary turnover rates in 2011 at 10.8 percent, compared to nearly 12 percent the year before.
About the Survey
Compensation Data 2011 Banking & Finance contains data on more than 450 titles ranging from entry-level to top executives. The results feature data from more than 200 banking and finance organizations reporting on nearly 7,300 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of February 1, 2011.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Michelle Willis at (800) 300-9570.