CUNA: Pay Raises at Small Credit Unions Don’t Match Those at Larger CUs

MADISON, Wis.–While nine out of 10 small credit unions during 2006 provided pay increases for staff, those raises were smaller than at other credit unions, according to new research released by CUNA. Those small CUs, defined as having between $1 million and $35 million in assets, provided pay increases for management staff of 3.58% during 2006, compared to raises of 4.05% for credit unions overall, CUNA's 2007-2008 Small Credit Union Staff Survey found. "Search firms are predicting a sizeable increase in executive search assignments this year, especially among executives in the financial services industry," said Beth Soltis, senior research analyst for CUNA's Center for Research and Advice. "The high cost of replacing employees and the difficulty in finding skilled job candidates make retention strategies critical. Credit unions may want to discern who their key players are and build retention strategies around them."