COVINA, Calif.-Alec Berkman, principal and CEO of Executive Compensation Solutions, said there are four basic criteria a credit union should follow when developing a benefits package that is the right fit for the CU.
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• "First, is it has to be meaningful to the recipient. It has to have some worth or value to the employee.
• "Second, it has to be reasonable, but reasonable is interpretive and depends on a lot of things.
• "Third, it has to be competitive because you are using the benefits for retention purposes and to reward over time.
• "Finally, it has to be affordable."Affordable is best determined, said Berkman, by estimating over time-and then looking back-at how many basis points on assets the benefit cost the credit union.
