More Small Credit Unions Are Increasing Wages
The staff salary and hiring outlook at small credit unions are showing signs of life – mirroring the overall economy.
Workers and wages are still reeling from the Great Recession and the tepid recovery, but conditions for both appear to be improving at small credit unions, according to CUNA’s 2012-2013 Small Credit Union Staff Salary Survey.
The survey findings reveal:
- In 2011, 71% of credit unions with $1 million to $35 million in assets gave salary/wage increases to at least some of their full-time employees. That’s compared with 68% in 2010.
- Almost 10% of credit unions with $1 million to $35 million in assets plan to add full-time employees and 12% plan to add part-time staff in 2012. These figures are similar to the percentages in 2011 and 2010.
As workers are increasingly willing and able to seek employment elsewhere, it’s important for credit unions to review their compensation packages.