Credit union staff turnover rates-particularly for front-line personnel-are the lowest they have been in recent years, according to the latest CUNA survey.
The recently released 2004 Small Credit Union Staff Salary Survey from CUNA's Center for Research & Advice, shows that overall full-time turnover at CUs under $20 million in assets dropped from 18% in 2002 to 13% in 2003.
Turnover of front-line staff (including tellers, member service representatives, and cashiers), which had stayed fairly static at about 28% from 2000 to 2002, plummeted to 18% in 2003. This figure is even lower than the average front-line turnover rate of 22% among all credit unions with $1 million or more in assets.
"Although the turnover and average pay increase rates have both declined in recent years, most likely as a result of the weak labor market and a struggling economy, credit unions will still need to keep an eye on current economic conditions," says Chad Thiele, CUNA senior research analyst. "As the economy strengthens, credit unions may need to bump up their salary budgets in order to retain their best employees."
Other findings:
* A 29% replacement rate for front-line personnel working at credit unions where the average salary paid to them is between $15,000 and $19,999, down from 38% the year before;
* The replacement rate for front-line personnel working at credit unions where their average salaries are between $20,000 to $24,999 was about 16% in 2003, down from 22% in 2002; and,
* There was only an 8% replacement rate (6% in 2002) for front-line staff working at credit unions where they are paid an average of $25,000 or more.
CUJ Resources
For additional information on CUNA's 2004 Small Credit Union Staff Salary Survey online, visit advice.cuna.org and type stock #25733P in the search box.
