For the first time since the Great Recession, more than half of the banks in the US plan to increase total employment during the coming year, according to findings from the Crowe Horwath LLP 2016 Financial Institutions Compensation Survey. Forty-two percent of respondents said employment would increase through normal growth and 13% through expansion.

Additionally, the number of banks that plan to maintain current staffing levels held relatively steady at 35%, which is near the lowest level in years, and employee turnover rates climbed again to hit record highs — 19% for non-officers and 7% for officers. Higher turnover generally indicates a stronger labor market, which can be expected to add to upward pressure on salaries.

“As banks look to increase their staffing levels, they’ll be competing against other institutions to secure talent, so we can expect to see upward pressure on salaries,” said Timothy Reimink, a managing director in the Crowe financial services performance consulting group.

The annual survey, now in its 36th year, compiled data from 375 financial institutions in the US.