July’s decline in employment growth continues to signal changes in what had been a surprisingly strong U.S. labor market.
Nonfarm payrolls increased 187,000 in July, according to the Bureau of Labor Statistics, down 6.5% compared with the Dow Jones consensus estimates for July job growth: 200,000.
Inflation pressures seem to be subsiding, but predicting and understanding the job market accurately can continue to be elusive for credit union human resources and senior leaders.
Amid the ongoing shifts in the job market, Credit Union National Association (CUNA) recently launched its 2023-2024 Compensation Resources, offering industry-specific data to help credit unions navigate a changing labor market and rising inflation. The tool offers comprehensive insights into benchmarking salaries and staffing levels, critical for strategic planning in the upcoming budgeting season.
"As we face a fluid labor market with its challenges, having precise, current and industry-specific data at our disposal is crucial,” said Dayna Johnson Schmitt, CUNA product manager. “CUNA Compensation Resources is a critical tool that empowers credit unions to proactively address the challenges of staffing, wage growth and budgeting.”
With updated information on current compensation specifically for the credit union industry, HR staff and leaders can compare data and make informed decisions on hiring to build their teams.
CUNA's Compensation Resources reports include:
- 2023-2024 CUNA Staff Salary Report
- 2023-2024 CUNA Compensation Analytics - Basic
- 2023-2024 CUNA Compensation Analytics - Silver
- 2023-2024 CUNA Compensation Analytics - Gold
- 2023-2024 CUNA Staff Salary Report - Less than $50M in Assets
- 2023-2024 CUNA Senior Executive Total Compensation Report
- 2023-2024 CUNA CEO Total Compensation Report
- CUNA Guide to Setting Executive Salaries
- CUNA Guide to Setting Salaries
“By leveraging these extensive databases sourced from nearly 1,000 credit unions and 90 job titles, HR leaders can set competitive salaries that help reduce turnover risks,” Johnson Schmitt said.
Human resources leaders face a myriad of challenges in addressing not only how to reward the employees they already have, but also to attract new talent. The Great Resignation, labor shortages and inflationary pressures converged to create a perfect storm of factors exerting upward pressure on salaries. Additionally, the pandemic reset expectations, especially among younger generations, about where, when and how they should work.
“CUNA Compensation Resources provides invaluable insights to optimize your employee investment, helping you balance increasing costs of wage growth while meeting employee needs and expectations,” Johnson Schmitt said.
For more information about 2023-2024 CUNA Compensation Resources, visit cuna.org/compensation.
