Credit Unions Raise Staff Pay

Data from CUES Employee Salary Survey shows 3.32 percent boost to overall total compensation

According to the CUES Employee Salary Survey, credit union employee compensation went up in the past year.

Overall base salary (does not include benefits, overtime, incentive premiums, or any element other than base salary) increased an average of 2.67 percent for the 12-month period of March 2012 to February 2013. The overall median base salary increase for the same period was also 2.67 percent.

“Overall, we expect pay increases in 2013 to closely track national norms (i.e. 3-3.5 percent for a fully satisfactory performer, paid on/about the midpoint of their salary range),” says Scott Dettmann, founder, partner and principal consultant of Carlson Dettmann Consulting LLC, Pewaukee, Wis., one of CUES’ partners in CUES Compensation Consulting.

Overall total cash compensation (sum of an employee’s base salary, annual actual bonus or incentive amount, plus other taxable compensation, but not including contributions to deferred compensation plans, credit union contributions to 401(k) plans or pension plans) increased an average 3.32 percent. The median total cash compensation increased 2.88 percent during the same period.

“We witness continued growing interest in ‘at-risk’ pay (incentives) as an opportunity to provide additional compensation beyond simple increases in base pay,” explains Dettmann.

Compensation data was tabulated across 57 position titles common to both the 2012 and 2013 surveys.

The following positions showed the largest increases from 2012 to 2013. Note, these increases reflect data from credit unions that completed the surveys both in 2012 and 2013.

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