The League is offering at no cost to credit unions under $50 million in assets free and full access to new salary survey data that will help them plan for the future. The updated report comes through a special group licensing arrangement with CUNA. The report has a retail price of $250 if purchased directly from CUNA.
In February 2019, CUNA sent questionnaires to the Human Resource (HR) professional or CEO/Manager of 5,388 credit unions with $1million to $50 million in assets.
The vast majority – 76% to 83% – of credit unions with assets of $1 million to $50 million plan to provide salary/wage increases to at least some of their employees by the end of 2019 the survey revealed.
The 2019-2020 CUNA Staff Salary Report is designed exclusively for credit unions with $50 million or less in assets. Credit unions may use data, along with the report’s job description to develop a successful salary program. The report also includes a benchmarking tool that contains salary data from credit unions nationwide for full-time and part-time positions.
This 478-page report provides statistics on base salaries, incentives, bonuses, total cash compensation, and salary ranges for the most common positions in small credit unions. Credit union managers will be able to make meaningful comparisons, because the report displays results by asset size, region, number of full-time employees, number of services offered, number of members, and total loans outstanding at the credit union.
The e-report is available for download HERE.
Key Findings from Report:
Hiring Plans – Credit unions with assets of $1 million to $50 million continue to have fairly modest hiring intentions. Just 11% plan to add full-time employees to their payrolls during 2019. However, 39% of those credit unions with assets of $35 million to $50 million plan to do so. On average, credit unions plan to add 1.3 full-time employees, with figures ranging from 1.0 to 1.6 in each asset size category studied in this report. Credit unions’ anticipated plans for adding part-time staff mirror those related to full-time staff. Only 14% plan to increase their number of part-timers by year’s end 2019, with the figure standing at approximately 22% among the largest credit unions surveyed.
Incentives/Bonuses – About 56% of credit unions with assets of $1 million to $50 million provided some sort of variable pay – bonuses and/or incentives to their full-time employees in 2018.
Salary/Wages – Looking down the road, roughly 77% of credit unions anticipate providing salary increases in 2020 for their CEO, management employees, and/or non-management employees.