Setting finance industry pay scale can be complicated. Salaries vary greatly depending on an individual's position in a firm, the size of the firm and the individual's experience in the financial field. Those with titles, such as corporate treasurers and chief corporate audit officers, make the most. On the other end of the spectrum, junior accounting clerks generally make the least in the way of salary.
There are a number of other factors you must take into account when setting finance industry salaries. Performance benchmarks must be part of wage policies so that you are compensating a job well done that also boosts the company's objectives.
When setting salary guidelines for careers in finance, consider the following information:
1. Salary for careers in finance can vary greatly based on the location of the firm.
2. Instead of a finance salary, some positions in the finance industry are based on commissions.
3. Financial planners and investment advisers are often paid through third-party compensation instead of with regular finance salaries.
Action Steps
The best contacts and resources to help you get it done
Research finance industry salary ranges
Find base pay rates, commission scales, benefits and other salary information online. A number of services compile information through industry salary surveys and then make their findings available for a fee.
I recommend: Research current salary information in the financial industry from
Vault. Complete access to reports may require you to sign up for a gold membership. Search for salary surveys for a particular position and geographic location at
PayScale. Before ordering a report, view a sample and check out pricing options.
Let software become your finance salary calculator
A number of software companies have developed software options for your finance industry payscale and compensation needs. Be sure to do a full investigation of all the software capabilities to make sure it works for you.
I recommend: Read up on the features offered from
Halogen Software's eCompensation software and then consider requesting a free trial, scheduling a demo or a receiving a product tour. Download a demo of salary survey software from the
Economic Research Institute.
Hire a consulting firm as a finance salary tool
If you're planning on a compensation policy overhaul or need help developing a finance industry payscale, it may be best to hire a professional. A number of human resource consultants have expertise in the area of compensation management.
I recommend: HR Consultants, Inc. offers a number of human resource services including compensation analysis and design. The
Employers Resource Association offers its member organizations human resource specialist services where a professional can help out a business, based upon its needs, with no contract, just hourly billing.
Tips & Tactics
Helpful advice for making the most of this Guide
- Think of employee retention and salary guidelines for careers in finance this way: A higher wage should correspond with how important an employee is to the ongoing success of your company. Set performance benchmarks to factor in an evaluation that ranks employees as indispensable, valuable, moderately valuable, average or easily replaceable.
The official source of Finance Salary Tools is the Finance Salary Tools page at Business.com
Related Resources from Business.com
Comments
Is any content on this page inappropriate? To let us know, please 
