MADISON, Wis.— New data released by CUES reveals base salary, base salary plus bonus, and total compensation packages increased last year across 20 of 22 positions at credit unions.
The numbers were released as part of the 2023 CUES Executive Compensation Survey.
According to CUES, other key findings included:
- A credit union’s asset size continued to be the leading influencer on compensation levels.
- The most common length of a CEO contract is three years.
- 24% of reported CEOs are female.
- 93.1% of CEOs were reported to be eligible for bonuses (down from 93.8% last year) with an average bonus amount of 20.7% of base pay (up from 16.8% last year).
- The top four factors leading CEOs’ bonuses were earnings, board evaluation, loan growth, and membership growth.
- 63.9% of reported CEO’s are eligible for professional association membership(s) as a perquisite.
- Over 91% of CEO’s have a four-year college degree or higher.
- More than 25% of CEOs were reported to have the CCE designation, while the number averages less than 10% for non-CEO positions.
Source of Data
Report data comes from credit unions who participated in CUES Executive Compensation Survey and/or CUES Employee Salary Survey between January 1 and April 17 of this year.
CUES said that new to the Executive Compensation Survey this year is a “handy compensation calculator and infographic generator” so credit unions can easily see how their salaries compare to peer credit unions.
Subscribers can also access valuable compensation trends, tools and data to help credit unions attract and retain well qualified professionals, CUES stated.
‘Pertinent Data’
“CUES Employee Salary Survey offers pertinent data to attract new hires, and valuable tools to ensure credit unions retain their top employees,” the association added.
For additional info, CU leaders can download the CUES 2023 Compensation Surveys Executive Summary, and then get additional information about the surveys and purchase access to the data at cues.org/ECS and cues.org/ESS.
CUES Unlimited+ members have free access to the results of both surveys.
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