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Hiring pressures in the banking industry eased, but finding and keeping the right talent for your bank could cost you. Bank leaders taking part in Bank Director’s 2024 Compensation & Talent Survey, sponsored by Chartwell Partners, report less difficulty hiring and retaining talent compared with last year’s results. But they also express increased concerns around managing compensation and benefits costs and report higher median increases in compensation expenses for fiscal year 2023. Conducted in March and April 2024, the survey explores talent and compensation challenges, and gathers pay data for C-suite executives and boards of directors. This year’s findings also…
Key Findings
Senior bank executives and directors name managing compensation and benefits costs as their top compensation-related challenge in 2024. Eighty-eight percent say compensation costs increased in fiscal year 2023, at a median of 7%. Thirty-nine percent say that it was more difficult for their bank to hire and retain talent in 2023-24, representing a marked decline from 56% who said the same last year. Forty percent say their current CEO will retire or depart within five years. Fifty-nine percent believe their bank has a strong bench of talent to prepare for C-suite roles in the next five years. More than half…
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WRITTEN BY
Laura Alix
Director of Research
Laura Alix is the Director of Research at Bank Director, where she collaborates on strategic research for bank directors and senior executives, including Bank Director’s annual surveys. She also writes for BankDirector.com and edits online video content. Laura is particularly interested in workforce management and retention strategies, environmental, social and governance issues, and fraud. She has previously covered national and regional banks for American Banker and community banks and credit unions for Banker & Tradesman. Based in Boston, she has a bachelor’s degree from the University of Connecticut and a master’s degree from CUNY Brooklyn College.