Compensation during and after the COVID-19 crisis
In 2019, credit union executives received healthy salary increases across the board, according to the 2020 CUES Executive Compensation Survey.
This is perhaps not surprising. Until March 2020, the U.S. and Canada had extremely low unemployment, making finding and keeping top talent a major challenge for credit unions. In addition, CUs in the U.S. saw steady growth in total loans and assets last year.
Next year’s survey will show the impact of COVID-19 on credit union compensation, allowing us to compare those numbers against several years of steady pay growth. Right now, you can still use this data to help set your budgets and compensation plans for 2021. It is always important to compare your own compensation to others in your position at similar institutions to make sure you are being paid fairly for your work. Also, credit unions can use the data to see how the compensation they offer for all positions compares to pay levels at nearby institutions of a similar size. As you determine how to handle pay increases next year, use this data to see where your credit union leads or lags.
When it comes to bonus compensation, this year could be challenging. Have you thought about how to measure executive results in a year when financial results may be down?continue reading »