Independent Banker - August 2023 - 37
As the talent wars continue, community banks can
come out ahead with a careful focus on executive
compensation and benefits.
In addition to a competitive annual salary and bonus,
community banks need to offer an appropriate mix
of short- and long-term incentives, compensation
consultants say. They advise using the more modern
approach of tying compensation to the individual as
opposed to a one-size-fits-all model.
" Community banks need to consider the age and
demographics of future leaders they are trying to
attract and retain, and design compensation based on
those needs, " says Karen Butcher, managing director
with executive compensation consultancy Pearl Meyer
in Boston.
Here are six tips to help community banks win the
executive compensation battle.
Take the pulse of the market
1
Understanding the competitive landscape is critical, says Hal Wallach,
director of executive compensation consulting at CBIZ Inc.
Nowadays, it's easy for competitors to attempt to pick off top-level talent with
the lure of a significant-20% or higher-salary increase, he says. The issue is
compounded by the fact that executives are more inclined to move to other areas
of the country for higher wages or a better opportunity.
From a competitive standpoint, compensation is highly correlated with
a bank's asset size, so this should be a consideration for community banks
that have experienced or are experiencing significant growth, whether it's
organically or through a merger or acquisition. But staying on top of executive
compensation is important even for smaller banks, because the costs of finding
new talent add up.
According to compensation consultants, community banks should undertake
independentbanker.org // 37
http://www.independentbanker.org
Independent Banker - August 2023
Table of Contents for the Digital Edition of Independent Banker - August 2023
Contents
Independent Banker - August 2023 - Cover1
Independent Banker - August 2023 - Cover2
Independent Banker - August 2023 - Contents
Independent Banker - August 2023 - 2
Independent Banker - August 2023 - 3
Independent Banker - August 2023 - 4
Independent Banker - August 2023 - 5
Independent Banker - August 2023 - 6
Independent Banker - August 2023 - 7
Independent Banker - August 2023 - 8
Independent Banker - August 2023 - 9
Independent Banker - August 2023 - 10
Independent Banker - August 2023 - 11
Independent Banker - August 2023 - 12
Independent Banker - August 2023 - 13
Independent Banker - August 2023 - 14
Independent Banker - August 2023 - 15
Independent Banker - August 2023 - 16
Independent Banker - August 2023 - 17
Independent Banker - August 2023 - 18
Independent Banker - August 2023 - 19
Independent Banker - August 2023 - 20
Independent Banker - August 2023 - 21
Independent Banker - August 2023 - 22
Independent Banker - August 2023 - 23
Independent Banker - August 2023 - 24
Independent Banker - August 2023 - 25
Independent Banker - August 2023 - 26
Independent Banker - August 2023 - 27
Independent Banker - August 2023 - 28
Independent Banker - August 2023 - 29
Independent Banker - August 2023 - 30
Independent Banker - August 2023 - 31
Independent Banker - August 2023 - 32
Independent Banker - August 2023 - 33
Independent Banker - August 2023 - 34
Independent Banker - August 2023 - 35
Independent Banker - August 2023 - 36
Independent Banker - August 2023 - 37
Independent Banker - August 2023 - 38
Independent Banker - August 2023 - 39
Independent Banker - August 2023 - 40
Independent Banker - August 2023 - 41
Independent Banker - August 2023 - 42
Independent Banker - August 2023 - 43
Independent Banker - August 2023 - 44
Independent Banker - August 2023 - 45
Independent Banker - August 2023 - 46
Independent Banker - August 2023 - 47
Independent Banker - August 2023 - 48
Independent Banker - August 2023 - 49
Independent Banker - August 2023 - 50
Independent Banker - August 2023 - 51
Independent Banker - August 2023 - 52
Independent Banker - August 2023 - 53
Independent Banker - August 2023 - 54
Independent Banker - August 2023 - 55
Independent Banker - August 2023 - 56
Independent Banker - August 2023 - 57
Independent Banker - August 2023 - 58
Independent Banker - August 2023 - 59
Independent Banker - August 2023 - 60
Independent Banker - August 2023 - 61
Independent Banker - August 2023 - 62
Independent Banker - August 2023 - 63
Independent Banker - August 2023 - 64
Independent Banker - August 2023 - 65
Independent Banker - August 2023 - 66
Independent Banker - August 2023 - 67
Independent Banker - August 2023 - 68
Independent Banker - August 2023 - 69
Independent Banker - August 2023 - 70
Independent Banker - August 2023 - 71
Independent Banker - August 2023 - 72
Independent Banker - August 2023 - 73
Independent Banker - August 2023 - 74
Independent Banker - August 2023 - 75
Independent Banker - August 2023 - 76
Independent Banker - August 2023 - 77
Independent Banker - August 2023 - 78
Independent Banker - August 2023 - 79
Independent Banker - August 2023 - 80
Independent Banker - August 2023 - 81
Independent Banker - August 2023 - 82
Independent Banker - August 2023 - 83
Independent Banker - August 2023 - 84
Independent Banker - August 2023 - Cover3
Independent Banker - August 2023 - Cover4
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com