WASHINGTON—About 80% of credit unions anticipate providing salary increases in 2017 for members of their management teams—including the CEO—while approximately 85% are planning increases for their non-management employees.
That finding is from the 2016-2017 CUNA Staff Salary Report, which provides extensive data on compensation trends for credit unions across the country.
Other report findings:
- With only a few exceptions, anticipated 2017 salary increases for both management personnel and non-management staff tend to increase as credit union asset size increases.
- Three in four credit unions provided some form of variable pay – bonuses (i.e., after-the-fact rewards for a job well done) and/or incentives (i.e., awards tied to preset performance criteria) to their full-time employees by year-end 2015. “The prevalence of variable pay rises with asset size. While fewer than 40% of credit unions with $1 million to $5 million in assets provided some form of variable pay, the figure comes in at 90% or higher for those with assets of $100 million or more,” CUNA said.
- Hiring intentions among credit unions continue to be strong. Thirty-five percent plan to add full-time employees to their payrolls by year-end 2016. On average, they plan to add 5.1 full-time employees. “That rises with asset size, with credit unions with assets of $2 billion or more anticipating adding more than 30 additional full-time employees, on average,” CUNA stated.
- Two-thirds of credit unions had formal CEO succession plans as of early 2016, while an additional 13% expected to establish them by year’s end. CEOs are expected to retire sometime during the next two years at approximately 10% of credit unions.