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As the year waxes to a close, banks and credit unions across the nation are turning their attention to impending salary adjustments for the coming New Year. Staffing services, industry trade groups and consulting firms produce their annual salary guides to assist with the difficult task of gauging market competitive salaries, often charging a hefty fee for the results of their latest market surveys. Financial institutions gobble up these surveys as valid, research-based data upon which they can rely to justify company-wide salary adjustments. Unfortunately, a fatal flaw in these surveys makes their results dubious at best and may lead to inappropriate salary adjustments.
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