Emily McCormick, vice president of research for Bank Director
The unemployment rate dropped below 4 percent in April 2018, to 3.9 percent—the lowest level since 2000, at the end of President Bill Clinton’s term. Continued improvement in the unemployment rate means that the Federal Reserve is increasingly comfortable with raising interest rates, which is good news in general for the banking industry. However, a low unemployment rate also indicates that good workers are harder to come by. That competitive talent market has resulted in banks increasing salaries overall, as well as benefits and perks, according to the executives and directors responding to the 2018 Compensation Survey, sponsored by Compensation...
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Emily McCormick is the vice president of research for Bank Director, an information resource for directors and officers of financial companies.You can follow her on Twitter at twitter.com/ehmccormick or get connected on LinkedIn.