Press
Wage Increase Remain Low In 2010; Critical For CU’s To Evaluate To Retain High-Performing Employees
Contact:
Mark Wolff – CUNA Communications; (202) 508-6764; mwolff@cuna.coop
Bonnie Bailey – CUNA Marketing; (608) 231-4215; bbailey@cuna.coop
Base pay increases for credit unions employees are expected to remain below 3% through 2011, says a new CUNA report. Similar to employers nationwide, credit unions appear hesitant to increase fixed salary expenses through wage increases.
Among credit unions with $1 million in assets or more, the average 2009 percentage salary increase for management and non-management employees was 2.59%, according to the 2010-2011 Complete Credit Union Staff Salary Survey. Base pay increases for 2010 and 2011 are lower, at approximately 2.2%. Roughly 30% of credit union employees did not receive a salary increase at all in 2009, and a similar percentage did not budget for 2010 wage increases and/or do not anticipate providing them in 2011.
“As the economy improves and more job opportunities arise, it will be crucial for credit unions to hang on to their high-performing employees,” said Beth Soltis, senior research analyst for CUNA. “As soon as business conditions allow, credit unions should analyze their ability to provide wage increases and/or variable pay to reward and retain their employees.”
The survey provides compensation data for 89 full-time and eight part-time positions at credit unions with $1 million or more in assets, including: base salaries, incentives, bonuses, total cash compensation, and salary ranges. The report—available in print or Adobe PDF format—also contains job descriptions, benchmarks for salary and benefit expenses, base pay increases, and turnover rates.
An electronic version of the survey’s data tables is also available for purchase, allowing users to apply formulas and insert the data directly into the credit union’s spreadsheets.
Purchasers of the survey report may also buy the Geographic Customized Salary Survey and the Online Peer Comparison. The customized geographic report provides average and median base salaries, in addition to percentile figures, for selected cities or geographic areas. The online peer comparison provides unlimited access to the 2010 salary survey database, which allows users to create customized peer groups using various criteria, such as: credit union name, asset size, number of members, field of membership, number of full-time employees, number of services offered, total loans outstanding, state, and geographic region. Customized report parameters include percentiles and date-specific trending.
CUNA’s 2010-2011 Complete Credit Union Staff Salary Survey sells to credit unions for $299 for the print version or $279 for the PDF. For more information or to order online, visit buy.cuna.org, and enter stock number 29440 (print) or 29440P (PDF) in the search box. To order by phone, call (800) 356-8010, press 3, and use the stock number as a reference.
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With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves 90 percent of America’s 7,700 credit unions, which are owned by more than 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit www.cuna.org.