MADISON, Wis.–UW Credit Union is reporting it has increased its Foundation Wage to $17 from $16, marking a 35% wage increase since 2015.
The increase will directly benefit nearly 160 employees – close to 20% of UW Credit Union’s workforce, the credit union said.
“The $17 an hour is more than double Wisconsin’s minimum wage of $7.25, which has not risen since 2009,” UW CU said. “UW Credit Union’s longstanding practice of paying above-market wages has contributed to industry-low employee turnover (11% in 2020) and top workplace ratings.”
UWCU noted it earned national recognition earlier this year with the 2021 Top Workplaces USA award and Culture Excellence awards, both issued by Energage.
“Every year, we review our Foundation Wage to ensure our employees continue to earn a sustainable income,” said UW Credit Union President and CEO Paul Kundert. “It’s not just the right thing to do, it’s essential to attracting and retaining the talent we need to grow as an organization and to effectively serve our members. Outstanding member service is the result of engaged, talented employees who know they are respected and valued.”
The median increase will be $1 per hour, which is $2,080 per year for a full-time employee, UWCU stated, noting the majority of impacted employees work as tellers and call center reps across UW Credit Union’s 29 Wisconsin branch locations, with the majority located in the Madison and Milwaukee areas.
Boost for Bilingual Employees
In addition to a competitive base wage, UW Credit Union said it also recently enhanced its pay premiums for bilingual employees in member-focused roles to better serve its diverse membership. Eligible hourly Spanish-speaking employees now earn an extra $1.25 per hour. Eligible salaried Spanish-speaking employees receive an additional $100 per pay period. This amounts to approximately $2,400 to $2,600 in additional compensation per year for full-time employees.
“When it comes to income, every increase matters,” said Cathy Sanchez, a teller at UW Credit Union’s Northport branch. “Being a Spanish-speaking teller, I benefit from the base wage boost and the bilingual pay premium. The additional two dollars per hour make a difference. That difference may not be the same for everyone – for some, it’s being able to afford rent at a better place. For others, it’s more flexibility with holiday spending. But the takeaway is the same: I matter here.”
The $4.6-billion UWCU has more than 300,000 members.