Launch FCU in Merritt Island, Fla., is set to raise its minimum wage to $12 per hour effective Jan. 1, joining a
Launch FCU already starts employees at $10.50 per hour, and the new $12 hourly minimum will be nearly 50% higher than the state-mandated minimum wage of $8.10 per hour. The federal minimum wage is $7.25 per hour. The credit union said it plans to increase its entry-level paygrade each year moving forward as part of a strategy to recruit and retain the highest caliber employees possible.
"By increasing the minimum pay at the teller level, we believe this will strengthen our ability to recruit new talent and develop a strong pipeline of well-trained individuals who will be excited to advance their careers within Launch FCU, President Joe Mirachi said in a statement.
Many members of the credit union's current executive team began as tellers, and Mirachi noted that attracting a high caliber of new team members has become increasingly difficult.
"By offering a higher starting pay, it not only increases our ability to be fully staffed for our members, but it also serves as a benefit to the local economy. Being a local credit union with branches exclusively in Brevard and Volusia counties, means our employees live and raise their families in the communities where they work, and they spend their paychecks locally. This benefits both small and large local businesses and boosts the standard of living in our area."
Throughout 2016, a number of credit unions have raised their starting wage in ways that range from just a few dollars more than the federal minimum to more than double. Launch's move can be viewed as a continuation of that trend, though it remains to be seen whether or not the move will take hold across the industry – particularly at smaller credit unions that can't afford those kinds of staff incentives the way larger CUs can.
