Average Pay Increase For CU Management Breaks 4% Barrier

MADISON, Wis. - The average pay increase for credit union management broke the 4% barrier during 2006, topping wage increases of just less than 4% in previous years, according to a CUNA survey.

CUNA's 2007-2008 Complete Credit Union Staff Salary Survey found CUs reporting a 4.05% base pay increase for management employees in 2006. Base increases for nonmanagement staff, however, remained below 4%, CUNA said. "The good news is that credit unions' pay increases for management staff were just above the national average," said CUNA Senior Research Analyst Beth Soltis in a released statement. "The bad news is most experts agree that a sizeable number of employees, especially executives, are on the lookout for opportunities to switch jobs, if not actively searching. To retain top talent and increase job satisfaction, credit unions should keep in mind three important factors: pay, development opportunities, and work/life balance."

The survey provides compensation data for 89 full-time and eight part-time positions at credit unions with $1 million or more in assets.

For info: www.cuna.org.