|May '14||Apr '14|
|# of CUs||6,987||6,691|
|Loans to Savings||70.5%||70.4%|
Hiring increases reflect CU confidence, says CUNA economist.
The total number of credit union employees increased by 2.8% in 2012, the largest credit union employment increase since the Great Recession.
The 2012 growth brought the total number of credit union employees nationwide to 265,201 from 257,872 the previous year. The number of full-time and part-time employees on credit union payrolls increased by 3.1% and 1.3%, respectively, CUNA reports.
"Credit union leadership is more positive about the future of the economy and their credit unions," says CUNA Chief Economist Bill Hampel.
This employment level increase follows several years of flat or declining staffing totals following the 2007 economic crisis.
Net interest margin declined, provisions for loan losses skyrocketed, and costs related to corporate stabilization increased during those years, and "credit unions were doing everything they could to protect their capital and their bottom line, including postponing hiring and cutting back discretionary expenses as much as they could," Hampel says.
Find additional in-depth research about credit union staffing in CUNA's 2012-2013 Turnover and Staffing Survey, instantly available to Expanded and Complete subscribers.
(Via News Now)