MADISON, Wis.—Base salary, base salary plus bonus, and total compensation packages all increased last year across the credit union industry, according to the 2020 CUES Executive Compensation Survey.
Among the findings:
- The leading influencer on compensation levels was a credit union’s asset size
- Average total compensation increases ranged from 5.1% for COOs to 7.9% for CEOs
- More than 20% of CEOs have the Certified Chief Executive designation, which is earned by completing CUES’ CEO Institute
- The top four factors driving CEO bonuses were earnings, board evaluation, loan growth, and membership growth
CUES said the report data is drawn from credit unions who participated in CUES Executive Compensation Survey and/or CUES Employee Salary Survey, which was open for participation from Jan. 1 to June 15. The survey participation window was extended this year to allow credit unions to contribute their information amid disruptions caused by COVID-19, CUES added.
CUES said results of the survey are now available and offer valuable data for credit unions to use to build compensation models to attract and retain top talent. The CUES Executive Compensation Salary Executive Summary is also available, offering insights into credit union salary and compensation trends across the country, CUES said.
The Details
CUES Unlimited+ members have free access to the results of both surveys and the summary.
CUES noted its Executive Compensation Survey features valuable compensation trends, tools and data to help credit unions attract and retain well qualified professionals. For info: cues.org/ECS. CUES said the Employee Salary Survey offers pertinent data to attract new hires, and valuable tools to ensure credit unions retain their top employees. For info: cues.org/ESS.