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CU Snapshot

 Apr '18Mar '18
# of CUs5,7245,727
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings82.9%81.5%
Loan Delinq.0.8%0.8%

         Credit Union Indicators

Credit Unions Embrace Pay Raises

Importance of retention and recruitment grows.

As the economy continues to improve, more credit unions are offering pay increases and other incentives as a way to retain and attract employees, according to CUNA's 2015-2016 Staff Salary Report.

At least 75% of credit unions provided management and nonmanagement employees with a salary or wage increase in 2014, budgeted for increases in 2015, and anticipate doing so in 2016.

Among credit unions raising wages, projected salary increases this year and next range from 2.5% to 2.9%, according to the report. That places credit unions at roughly the average for all U.S. companies in 2015 (2.9%) and 2016 (2.7%), according to the Economic Research Institute.

The number of credit unions offering pay increases, as well as the size of the increase, depends on the year, the credit union's asset size, and the employee category.

"Many credit unions have incorporated employee salary increases as a valuable tool to retain staff members and recruit new employees," says Jon Haller, CUNA's director of corporate and market research.

On the flip side, only 10% of credit unions planned to enact a salary or wage freeze in 2014 and 2015. That number approached 45% during the recent recession.

Variable pay continues to be a popular way to reward employees without increasing fixed costs. Among credit unions with more than $1 million in assets, 70% offered full-time employees bonuses or other incentives in 2014.

CUNA's 2015-2016 Staff Salary Report is available instantly to Complete and Expanded subscribers. It is available for separate purchase.