Press
Credit Unions Gear Up to Add Employees, Bump Up Pay
Salary survey results indicate credit unions positioning to better server members
(August 13, 2013) — One in four credit unions will be adding full-time employees to their payrolls this year, and four in every five credit unions plan to provide pay increases to their workers this year as well, according to the results of CUNA’s 2013-14 Staff Salary Report, which is now available to credit unions.
“Many credit unions are taking advantage of an improving economy by adding to their workforce and rewarding their workers for helping them and their members get through the tougher days of the recession,” said Jon Haller, CUNA Director of Corporate & Market Research. “Our survey results indicate clearly that credit unions are positioning themselves to help their credit unions grow and deliver more services to members.”
Haller noted that salary and wage increases for management employees, according to the survey results, are expected to be 2.6 percent.
He added that, for credit unions expected to increase their full-time employees, the proportion rises with asset size. For example, two thirds of credit unions with assets of more than $200 million expect to add full-time workers to their payrolls.
The CUNA Staff Salary Report is based on salary and other compensation information provided by more than 1,250 credit unions (about 18 percent of all credit unions). “No other provider of credit union staff salary information bases their results on this many credit unions,” Haller pointed out. “The most any other provider bases its result on are no more than 350 credit unions. Our report is clearly the most reliable and accurate credit union salary resource available. Credit unions have come to trust this report.”
To find out more about CUNA’s 2013-14 Staff Salary Report, visit CUNA’s website at www.cuna.org.
About CUNA
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America’s nearly 7,000 state and federally chartered credit unions, which are owned by about 97 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.