Conducting Compensation Reviews and Establishing Peer Groups

When determining the best way to attract and retain talent, it’s important to have the right compensation practices in place. Making sure your compensation practices are competitive requires you to look at the industry and see how other financial institutions are approaching compensation. You need to compare yourself to the correct benchmarks, and a number of factors come into play: location, revenue, performance, your business goals. Conducting a compensation review and establishing the right peer groups is crucial. In this guide, we’ll explore what to consider with regards to how your bank approaches this process.

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Conducting Compensation Reviews and Establishing Peer Groups: How Your Bank Can Use Peer Data to Make Informed Compensation Decisions