First Community Bank (FCB) is a billion plus in assets full service bank headquartered in Batesville, AR. First Community has several banking locations in North Central and NE Arkansas and SW Missouri. Since the creation of the Bank in 1979, their growth has been organic except a small bank purchase that opened the door for the Bank to operate in Missouri.
Business Situation – January 2011
First Community Bank was looking for an efficient and effective software program to complete officer level job descriptions, job rating/valuing and an external market pay comparative analysis to determine proper placement of officer positions in the salary grade structure. They wanted the ability to update the current 33 officer job descriptions into a comprehensive and common electronic format for improved job clarity and goal orientation.
FCB wanted to use market salary information to validate the Bank’s internal compensation structure’s competitiveness with other Commercial Banks of similar size and operation. Chairman/CEO Dale Cole was seeking a structured compensation management software system that would ensure that the Bank was paying its officers fairly from an internal equity and external competitive standpoint.