Extract from IDS Executive Compensation Review 318

Pay awards in retail banking move upwards

High street banks and building societies are both a key part of the economy and leading employers, and to help the industry keep up-to-date with reward trends we have reviewed the latest pay awards in the sector, covering 16 high-street banks and building societies employing some 145,420 employees.

This article looks at the latest pay review settlements within high street banks and building societies over the period December 2006 to July 2007, and gives the average salary increases for professional staff to senior management. Further information is given on the pay awards for the four groups of employee covered, as well as analysis on bonus payments and a detailed insight into the bonus scheme practice at Yorkshire Building Society. Tables include a list of named retail banks and building society pay review and bonus details, as well as margin tables on minimum, maximum and median increases by job level and bonus payments.