As seen in the graphic, PNC has numerous job levels that are separated by two career tracks, also known as a dual-career ladder. As discussed in the text, this is the presence of two progressions in an organization that reflect different types of contribution to the organizations mission. The managerial ladder focuses on supervision or direction of people while the individual track focuses on increasing contributions of a professional nature that does not require the supervision of employees (Milkovich, Newman, & Gerhart, 2017). With such a large amount of job levels and jobs within in an organization, it will be interesting to see how PNC matches up with competitors in entry level, mid-level and experienced positions both in individual …show more content…
Because of this I chose to look at the compensation packages including pay and benefits of institutions of similar size and assets within the same region in order to form a better comparison. The two competitors I chose are Bank of New York Mellon and Citizens Financial Group, Inc. Founded in 1784, the Bank of New York Mellon currently employs approximately 52,800 individuals and holds assets of $354.8 billion. This focus of the institution is on investment management, wealth management and investment services to individuals and corporations to invest, conduct business and transact across the world. Based in New York City, New York with strategic locations based around the globe and a strong presence in the Pittsburgh area, BNY Mellon is a strong competitor of PNC (BNY Mellon, 2017). Citizens Financial Group, Inc. has roots dating back to 1828 and has now grown to a major player in the industry with a focus on retail and commercial banking products for individuals and small businesses as well as large corporations and institutions. Based in Providence, Rhode Island, the bank holds $151.4 billion in total assets and currently employs 17,600 people. The company looks to exceed customer expectations while working together to do the right thing and help citizens bank better (Our Company, …show more content…
At the top of the ladder in experienced management positions, the data shows that PNC pays significantly higher than the industry average. This could be something for compensation professional to consider when deciding how to make PNC more competitive in entry level positions in regard to pay. The second factor to consider when comparing compensation packages is the benefit package that is included. Benefits are a very important part of any compensation package and have as much of an ability to attract, retain and motivate employees as salary. According to a 2015 survey, 60% of people report that benefits are a major factor when considering whether to accept a job. In addition, 80% of those surveyed answered that they would choose additional benefits over a pay increase (Jones, 2017). In a study completed by the Harvard Business Review, 2,000 US workers were asked which benefits were most important. Of the seventeen choices, the three top ranked benefits were better health, dental and vision insurance (88%), more flexible hours (88%), and more vacation time (80%). The bottom ranked three benefits were team bonding events, on-site gym, and weekly free employee outings. Overall this study showed compensation professionals that benefits that don’t directly impact lifestyle and finances were rated lowest