Dollars Talk, Or Tellers Walk
Not too surprisingly, salary is the biggest driver of teller turnover. But relatively modest pay increases can sharply reduce the rate of turnover, according to CUNA's new "E-Scan's 2003 Small CU Staff Salary Survey."
As the analysis summed it up, "teller turnover, or replacement rate, decreases as average salaries increase."
The new research is aimed specifically at credit unions of less than $20 million in assets. The study found that turnover of "tellers" (including member service reps and cashiers) averaged 28% during 2002 among small credit unions. At a typical credit union, at least one out of every four full-time tellers was hired to replace someone who left during the year.
The survey also found:
* One in every two tellers who left their jobs had a salary averaging less than $15,000.
* Close to 40% of tellers with average salaries of $15,000 to $19,999 departed. However, there was only a 22% turnover for teller positions whose salaries averaged $20,000 to $24,999.
"Although the survey does not analyze the specific causes of teller turnover, given the derived information, it seems plausible that credit unions would decrease turnover by bumping up their average teller salaries to $20,000 or more," says CUNA's Vice President of Research Services Vicki Joyal.
For more information or to order "E-Scan's 2003 Small CU Staff Salary Survey," call 800-356-8010 and press 3 or use the resource link.