MADISON, Wis. -
The 2007-2008 CEO Total Compensation Survey reported that female CEOs in credit unions with $100 million or more in assets earned within $800 of their male counterparts overall. In fact, in two of the seven asset categories studied, female CEOs earned more than their male counterparts.
The survey did not poll CUs of less than $100 million, where women are more often in leadership positions.
Among CUs with $100 million to $200 million in assets, female CEOs earn 109% to 112% of their male counterparts' salaries.
The widest pay gap was 12% among CUs with $1 billion or more in assets, where the average female salary represents 88% of average male salary.
"Much of the research out there shows wage gaps between men and women typically averaging between 69% and 80%, so credit unions are way out ahead of most industries in closing the gap," said Kristina Grebener, director of research and advisory services in CUNA's Center for Research and Advice. "However, in this difficult operating environment with fast-rising funding costs and shrinking spreads, coupled with the increased pressures of recruiting and retaining top-performers, credit unions will need to compensate their executives according to industry benchmarks and look into benefits that address the unique needs of this group."
The CEO survey provides nationwide data for CUs with $100 million or more in assets, and gives detail concerning every facet of CEO compensation, including base pay, bonuses, incentives and total cash comp, perks and benefits, and more. The report also includes estimated values of the CEO total compensation package comprised of cash compensation (base salary plus variable pay), the cost of benefits and perks, and the value of car allowances.
For general peer comparisons, the survey data is presented by seven ascending asset categories (from $100 million in assets to $1 billion or more in assets), region, number of branch offices, number of full-time employees, loans outstanding, and number of members. For specific comparisons, CUNA also offers a customized peer analysis.
