FARMERS BRANCH, Texas – Employee turnover among credit unions in Texas is costing approximately $144-million each year, according to a new study from the Texas CU League.
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The “2012 Texas Credit Union Compensation Study” said that while credit unions in the Lone Star State spend $2.5 billion annually on non-interest expenses, that $144 million represents 6% of the total cost of operations. Therefore, efforts to reduce turnover should see rather apparent ROI, the report suggests.
According to TCUL, turnover at Texas CUs ranges from 5.4% to 37.8%, with the median in the mid-twenties.
