MADISON, Wis.–The nation’s credit unions continue to battle with other employers for the best workers—just not as many. A new analysis indicates CUs employ approximately a half-million fewer workers today than they otherwise might have.
CUNA Mutual’s November Trends Report show the credit union system has become “significantly more productive” over the last 22 years.
“Back in the year 2000, it took on average 0.38 full-time credit union employees to manage every $1 million in assets,” wrote CUNA Mutual’s chief economist, Steve Rick, in the report. “Today that ratio stands at 0.16, a 58% improvement in productivity overall or a 2.9% increase in productivity per year. Or to think of the inverse of the productivity ratio, 22 years ago each credit union employee managed $2.6 million, today each employee manages $6.2 million.”
The report notes that currently there are 334,600 full-time employees working at credit unions managing $2.194 trillion in assets, adding, “The number of employees working at credit unions today would have been 833,720 (0.38 x 2,194,000) if credit union employees had the same level of productivity that they did back in 2000. The net result is that 499,120 (833,720 – 334,600) employees were not needed due to improvements in human and physical capital. Smaller asset-size credit unions reported bigger improvements in productivity ratios over the last 21 years; however, larger credit unions are still more productive due to their economies of scale.”
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