With one of the best economies in 50 years – including record low unemployment and higher wages – you may be wondering how to continue to attract and retain employees.
“Engaged employees are the bedrock of the credit union movement. Offering financial security is the strongest signal HR can send to employees to show them that their contributions are valued,” said Dayna Johnson Schmitt, product manager at CUNA. “In today’s tight labor market, investing in competitive pay and comprehensive benefits is key to enticing and satisfying superior employees.”
Despite projections of a slowing U.S. economy, the job market is still a candidate’s market. Overall, 36% of credit unions – including no fewer than 59% of those with assets of $100 million or more – planned to add full-time employees to their payrolls during 2019 according to the 2019-2020 CUNA Staff Salary Report.
This trend highlights the competition that your credit union is likely to continue facing for superior staff. If you have not recently evaluated staff salaries and benefits packages for competitiveness, you may not be building a top talent pool. Utilizing data on the hiring decisions of other credit unions can help you make informed strategic choices about one of your most important assets – people.
You can access the latest industry compensation data with your own copies of the 2019-2020 CUNA Staff Salary Report and CUNA Compensation Analytics, now available to order. For over 30 years, CUNA Compensation Resources has been a trusted source to inform salary and budget decision-making for credit union professionals. The Staff Salary Report features data compiled from over 1,100 credit unions nationwide for 90 job titles, making it the most comprehensive option available for the credit union industry. Information is sorted based on qualities like asset size and region, so you can easily set annual budgets and salaries that keep your credit union competitive. CUNA Compensation Analytics is an interactive tool that helps you analyze data and create reports to share with your executive team. Access a free sample section here.
Visit cuna.org/compensation to view the complete array of CUNA Compensation Resources available to maintain a competitive credit union and order your copies of the 2019-2020 reports.