CUNA Salary Report Provides Insight to Wage Rates, Non-Financial Compensation
MADISON, Wis. (September 6, 2011) — The prevalence of wage increases among credit unions remains steady, says a new CUNA report. The prevalence of wage freezes, however, is also holding steady.
Roughly 75% of credit unions with $1 million in assets or more offered a salary/wage increase to at least some of their full-time employees, according to the 2011-2012 Complete Credit Union Staff Salary Survey. A similar percentage expects to provide wage increases to any of their employees in 2011. Average salary/wage increases in 2010 were about 2.25% for both management and non-management employees.
“As the economy slowly improves and business conditions allow it, organizations will provide higher wage increases,” said Beth Soltis, senior research analyst for CUNA. “To remain competitive, credit unions will need to regularly assess their ability to do the same.”
Many employers, including credit unions, are waiting until the economy stabilizes before increasing their fixed costs. In 2010, 45% of credit unions initiated a wage freeze for at least some of their full-time employees.
“The challenge for credit unions not providing wage increases is to find other ways to reward employees,” adds Soltis. “It’s critical for credit unions to compensate employees with both monetary and intangible rewards. These two reward types work together to bolster employee morale, staff retention efforts, and the credit union’s bottom line.”
The survey provides compensation data for 89 full-time and eight part-time positions at credit unions with $1 million or more in assets, including: base salaries, incentives, bonuses, total cash compensation, and salary ranges. The report—available in print or Adobe PDF format—also contains job descriptions, benchmarks for salary and benefit expenses, base pay increases, and turnover rates.
An electronic version of the survey’s data tables is also available for purchase, allowing users to apply formulas and insert the data directly into the credit union’s spreadsheets.
Purchasers of the survey report may also buy the Geographic Customized Salary Surveyand the Online Peer Comparison. The customized geographic report provides average and median base salaries, in addition to percentile figures, for selected cities or geographic areas. The online peer comparison provides unlimited access to the 2011 salary survey database, which allows users to create customized peer groups using various criteria, such as: credit union name, asset size, number of members, field of membership, number of full-time employees, number of services offered, total loans outstanding, state, and geographic region. Customized report parameters include percentiles and date-specific trending.
CUNA’s 2011-2012 Complete Credit Union Staff Salary Survey sells to credit unions for $349 for the print version or $329 for the PDF. For more information or to order online, visit buy.cuna.org, and enter stock number 29890 (print) or 29890P (PDF) in the product finder search box. To order by phone, call (800) 356-8010, press 3, and use the stock number as a reference.