The 2021 edition of the annual "Crowe Bank Compensation Survey" provides invaluable compensation-focused benchmarking data. With responses from 437 banks, this year’s survey offers insights that can help you make critical decisions about compensation, human resources, and benefits, including:
Survey results are broken down by asset-size range and population of the headquarters city.
Remote work in the financial services industry has never been the norm, with many employers going so far as to actively dissuade staff from working remotely. With the pandemic beginning in 2020 many employers began allowing staff to work remotely at least part-time as evidenced by our 2020 survey results. During 2021, some banks continued to allow some employees to work remotely. The vast majority of those banks (74%) allowed less than 50% of employees to work remotely, and for 25% of banks, employees did not have a remote option. As many employers continue to bring staff back into the office, remote work and its impact on recruitment and retention will be an important trend to follow over the next several years.
Since 2019, the average employee turnover for officers and nonofficers decreased significantly – by 31.4% for nonofficers and 56% for officers. This continued decrease in turnover rates might be due in part to higher pay and more generous benefit programs from banks due to the battle for talent. However, the effect of the pandemic on the desire for job security as a top factor in employee retention cannot be understated.
We are pleased to offer multiple geographic versions of the survey report for more-targeted comparisons. The availability of regional and state versions depends on the number of survey responses.
2021 Crowe bank compensation and benefits survey highlights