Tuesday Topic: Climbing Staffing Costs

The labor market and Great Resignation are causing turmoil for many banks' staffing in the teller area.  Provided McDonald's is offering starting wages of $15 to $17 per hour, it is hard to believe a teller, responsible for large amounts of cash and facilitating customer financial transactions, is at a lower pay rate than someone who asks you, "Would you like fries with that?"

2022 is going to be interesting with so many economic forces at tipping points (e.g. inflation, benchmark rates, labor pool, etc.).

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Matt Johnson
Senior VP & CFO
Premier Bank
Omaha, NE
Posts reflect my personal opinion and do not represent any organization in which I am affiliated.
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Original Message:
Sent: 01-10-2022 16:05
From: Barb Rehm
Subject: Tuesday Topic: Climbing Staffing Costs

After reading yet another story about a bank raising its minimum wage, I went looking for some broader statistics and what I found at Indeed -- the jobs website -- could be useful for those of you grappling with whether or how much to raise starting salaries at your bank. This data is for teller salaries, but Indeed provides the same sort of information for other bank titles including relationship bankers or loan officers. Indeed breaks down its data by state with teller salaries highest in Montana and Georgia and lowest in West Virginia, Arkansas, and Oklahoma. The national average minimum wage for tellers is $14.27 an hour, and none of the largest banks made Indeed's list of highest-paying banks. Pressure to increase wages is increasing and this data could help you respond.

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Barb Rehm
Senior Managing Director
IntraFi Network
Arlington VA
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