MADISON, Wis.–A new analysis of credit union compensation trends shows what kinds of pay increases CUs are giving employees—if they’re giving them at all.
The 2017-2018 CUNA Staff Salary Report from CUNA contains salary data from credit unions nationwide for more than 90 full-time positions and 10 part-time positions.
According to CUNA:
- Overall, the average anticipated 2018 salary bumps in credit unions with assets of $1 million or more stand at 2.9% and 2.8% for management and non-management positions, respectively. These averages include any 0% figures from the roughly 20% of credit unions that are anticipating providing increases, CUNA said.
- As might be expected, CUNA noted average anticipated 2018 salary increases for management and non-management vary among credit unions in different asset-size groups, and reach their highest levels among those with assets of $200 million to $3 billion.
- All told, 70% of credit unions with assets of $1 million or more provided some sort of variable pay—bonuses and/or incentives to at least some of their full-time employees by year-end 2016. The figure exceeds 90% in credit unions with $200 million to $3 billion in assets, CUNA said.
“Whether you’re pursuing a teller, an operations manager or a network administrator, or looking to retain a high-performing staffer, your compensation needs to be competitive,” said Jon Haller, CUNA director of corporate and market research. “The CUNA Staff Salary Report shows—in clear, concrete numbers—what competitive means in today’s industry.”
Data in the 2017-2018 CUNA Staff Salary Report is organized categorically, allowing readers to see how pay varies based on a credit union’s asset size, staff size, location and other factors. Several key aspects of compensation, including base pay, bonuses and incentives, are recorded in the report. Nearly 1,200 credit unions contributed their compensation information to the report’s research team.
For info: cuna.org/compensation.