MADISON, Wis. — Credit unions continued to hand out pay increases to staff members in 2013, and most expect to do the same this year.
The 2014-2015 CUNA Staff Salary Report indicates that wage belt-tightening brought on by the recession is fading.
Last year, nearly 75% of CUs with assets of $1 million or more gave a salary/wage increase to at least some of their employees, a percentage similar to 2012, according to the report.
CUNA Market Research indicates the trend will continue, as almost 75% of respondents also anticipate providing base pay increases this year.
Assembled to keep CU compensation programs competitive, the report provides a comprehensive analysis of industry-specific data from across the nation.
It features compensation breakdowns for 90 CU positions including the chief executive and 10 part-time positions, providing asset-categorized data on base salaries, incentives, bonuses, total cash compensation, salary ranges and trend analysis for each. Data were collected from 1,076 CUs across 50 states.
Other report findings:
- More than two-thirds (68%) of CUs with assets of $1 million or more offer bonuses.
- Nearly 30% of CUs plan to add full-time employees to their payrolls this year.
- Nearly one in three CUs (34%) have formal salary ranges, down slightly from last year.
- The likelihood of CUs with formal ranges, however, rises as asset size increases, from less than 10% among CUs with assets of $1 million to $5 million, to a high of 100% among those with assets of $3 billion or more.
