Press
Credit Union Senior Executives Garner Modest Pay Increases
Contact:
Mark Wolff – CUNA Communications; (202) 508-6764; mwolff@cuna.coop
Bonnie Bailey – CUNA Marketing; (608) 231-4215; bbailey@cuna.coop
MADISON, Wis.—Median pay increases for credit union senior executives ranged from 3% to 3.4% in 2009, says a new CUNA report.
Executive vice presidents received a higher median salary increase in 2009 – 3.4% – than did other senior executives at credit unions with $100 million or more in assets, according to the 2010-2011 Senior Executive Total Compensation Survey Report. However, about 25% to 30% of each of the top five credit union senior executives did not receive a pay raise in 2009.
“Compensation experts predict that we are entering a volatile period of executive turnover as the economy moves from recession to recovery. This is an ominous prediction when leadership skills are in high demand – and hard to find,” said Beth Soltis, senior research analyst for CUNA.
“Replacing a senior executive is a time consuming and expensive process that can negatively impact productivity as well as morale. Credit unions should assess their ability to provide wage increases as business conditions improve. In addition, credit unions need to ensure their executive compensation packages are attractive and competitive in order to attract and retain quality leaders.”
The survey provides nationwide compensation data for the top four credit union senior executives (EVP, CFO, COO, CIO) for credit unions $100 million plus in assets. Results are conveniently categorized by asset size, region, and many other points of comparison to help credit unions attract or retain top executive talent. The report—available in print or Adobe PDF format—also assigns a monetary value of the total compensation package to help measure the bottom-line value of an executive compensation package to other credit unions.
Purchasers of the survey report may also receive a discount on the Senior Executive Total Compensation: Self-Selected Peer Analysis. This customized analysis reveals executive salaries, health plans, contract terms, bonuses, retirement plans, and more for 10 or more specific credit unions that meet a credit union’s own peer criteria. Each report is presentation ready.
CUNA’s 2010-2011 Senior Executive Total Compensation Survey Report sells to credit unions for $799 for the print version or $749 for the PDF. For more information or to order online, visit cuna.org/compensation. To order by phone, call (800) 356-8010, press 3, and reference stock number 29449 (print) or 29449P (PDF).
About CUNA – Your Trusted Resource for Credit Union Success™
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves 90 percent of America’s 7,700 credit unions, which are owned by more than 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit www.cuna.org.