TUSTIN, Calif.–Two credit unions have announced compensation increases for entry-level positions.
In California, SchoolsFirst FCU said its frontline team members’ base salaries will now start at $18 an hour and increase up to $27 an hour, depending on position and experience. The credit union noted the wage is well above the California minimum wage of $15 per hour for employers of 26 or more employees.
For branch team members, the starting hourly salary will begin at $20, with opportunities to earn up to $31 an hour.
SchoolsFirst said it will adjust salaries for current team members whose base salary is below the new minimums, as well as provide an opportunity for all non-executive team members to earn more by increasing salary ranges by 5.5%.
“It’s important to us to recognize and compensate our team members for the important role they play in serving our members, and for their dedication to providing the world-class personal service our members expect and deserve,” said SchoolsFirst FCU President and CEO Bill Cheney in a statement. “As an employer of choice, we want to ensure we are compensating our team for the incredible work they do, every day, to help countless members live better financial lives and plan for tomorrow.”
Cheney said SchoolsFirst saw 9% membership growth in 2022, which he said is due to its mission to “help members thrive financially.”
According to its year-end call report, the $27-billion SchoolsFirst FCU closed 2021 with more than 1.2-million members.
Pay Increase in Indiana
Meanwhile, in Indiana, Notre Dame FCU has announced a new minimum wage of $17 per hour.
The credit union said it began its initiative to improve local wage conditions in 2017, when it “proactively raised” its minimum wage to $13.50. It reported it has continued to implement increases each year, and that upon implementation in March 2022 the latest wage increase will impact approximately 18% of Notre Dame FCU’s workforce.
“Our ability to pay above-market wages to our incredible partners (employees) is a direct reflection of the loyalty and support of our members,” said President/CEO Tom Gryp in a statement. “My deepest thanks go out to our growing membership base, who without their ever-increasing utilization of our services, none of this would be possible.
“Now is the time for other financial institutions, who are currently experiencing very strong earnings, to step up and do what’s right for their employees as well. If not now, when?” Gryp added.
The $800-million NDFCU has more than 60,000 members.