Rebuild Compensation to Rebuild Trust in Banking

TrustIncentive compensation drives and reinforces company culture.  Highly respected Bank of England governor, Mark Carney, recommends changing bank compensation structures as a means to changing culture.  In addition to extending clawbacks of bonuses from five to seven years, Mr. Carney suggests putting fixed pay at risk.

Senior manager accountability and new compensation structures will help to rebuild trust in financial institutions.

- Mark Carney

HR Magazine:  Mark Carney Criticises Banking Culture, Pay Structure

Best Banks to Work For in 2014

The best banks to work for shower employees with profit-sharing bonuses, funnel them into leadership training programs and otherwise keep them happy.

- Joel Berg, American Banker Magazine, November 2014

Best Banks 2014jpgAmerican Banker Magazine has published its second annual ranking of the “Best Banks to Work For”.  In addition to providing bonuses and meaningful leadership development programs,  a common characteristic of the best banks is a  focus on managing employee health care benefits.  Controlling premium increases by offering high-deductible plans and enhancing wellness programs are strategies used at the “Best Banks to Work For”.

Best Banks to Work For 2014 – American Banker Magazine Article

Banking and Finance Employment: October 2014

Total Financial Activities employment showed little change (+3,000) in October, which was less than an average monthly job gain of 7,000 over the past year, the U.S. Bureau of Labor Statistics reported on November 7.  Employment increased slightly in real estate, insurance carriers and securities.  Employment declined in commercial banking.

Overall, a total of 85,000 jobs have been added to the Financial Activities industry since October 2013.  The majority of the job growth has been in insurance carriers and related activities.

Jobs continue to decline in commercial banking.

Jobs continue to decline in commercial banking.

Credit intermediation employment declined slightly (-1,800) in October and 39,700 jobs have been lost over the past year. Within the industry, commercial banking declined (-2,500) and 31,700 jobs have been lost over the past year.  Average monthly job loss in credit intermediation and commercial banking is 3,300 and 2,600, respectively.

Employment in securities showed little change in October and has increased by 20,600 jobs over the past year.  Average monthly job gain in securities since October 2013 is 1,700.

In October, insurance carriers and related activities employment was unchanged. This compares to an average monthly job gain of 5,100 over the prior twelve months.  Insurance and related activities employment is up by 60,600 jobs over the past year.

Real estate and rental and leasing added 2,300 jobs over the month and is up by 42,800 jobs over the year. Average monthly job gain in real estate and rental and leasing is 3,600 over the prior twelve months.BLS_logo

Over the past twelve months, the average weekly earnings of Financial Activities employees have risen by 2.6 percent.

Source:  BLS Employment Situation Summary, October 2014

A Comedy Club Owner Provides Mental Health Support to Comedians

Most of us don’t think of a comedy club as a workplace.  But Jamie Masada, owner of the Laugh Factory, hired an in-house psychologist to provide mental health support to the comedians working in his Hollywood club.

Being a comedian is truly the hardest job in the entertainment industry.

- Dr. Ildiko Tabori

The LA Times published an article shortly after the death of Robin Williams about the work Dr. Ildiko Tabori does to help comedians battle depression and other mental health issues in a non-traditional work environment.

It’s a good read and begs the question:  Are businesses doing enough to support employees’ mental health in the workplace?

You can find the LA Times article, “This Psychologist Helps Comedians Keep Laughing” here.

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