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This 2010, FICOBank management has drawn its compensation philosophy aimed to make FICOBank a leading employer of choice or employees’ preferred choice in all areas where it operates. Starting this year, FICOBank compensation practice promotes internal equity and external competitiveness to attract, retain and ensure that all FICOBankers are living a high-quality life because they have a fulfilling and a rewarding career.

The new salary structure of the Bank now standardizes the compensation of all FICOBankers regardless of the region where are they based, compared to its previous salary scale where the regional wage rate has been the main consideration. Management benchmarked on the highest regional rate where the Bank has its operating unit and pegged its entry salary level for rank and file positions. For employees living in less-developed or non-industrial regions, this meant an increase of more than 20% in their basic salaries plus the other plus, plus in FICOBank’s highly competitive compensation package and other allowances and benefits provided to all FICOBankers. In the Cagayan Valley region, where most of its operating units are located, FICOBank’s upgraded salary structure is more than 30% above the mandated regional minimum wage rate. In some special cases or positions where maximum compensation or a ceiling figure is identified, an incentive program is going to be implemented whereby an unlimited additional monthly incentive will be given based on productivity and meeting of set guidelines.

This move is envisioned to improve employee morale across the organization. This is also meant to address the issue on giving relocation allowances and or salary adjustments in cases of inter-regional transfers or assignments of employees. Also, FICOBank’s new salary structure will definitely contribute in having a satisfied and stable employee groups.

For the many outsiders, this upgraded compensation package is indeed a welcome development in having an enriching career in FICOBank. But for the FICOBank Family itself, this is simply a way of taking great care of each other.