MADISON, Wis. (9/8/11)--Wage increases among credit unions have remained steady, but wage freezes held their own, too, according to a staffing survey from the Credit Union National Association (CUNA). Roughly 75% of credit unions with $1 million or more in assets offered a salary or wage increase to at least some full-time employees, reported CUNA's 2011-2012 Complete Credit Union Staff Salary Survey. A similar percentage expects to provide wage increases to employees in 2011. That compares with average salary/wage increases in 2010 of about 2.25% for both management and non-management employees at credit unions. "As the economy slowly improves and business conditions allow it, organizations will provide higher wage increases," said Beth Soltis, senior research analyst for CUNA. "To remain competitive, credit unions will need to regularly assess their ability to do the same." Many employers, including credit unions, are waiting until the economy stabilizes before increasing their fixed costs. In 2010, about 45% of credit unions initiated a wage freeze for at least some full-time employees, said the report. "The challenge for credit unions not providing wage increases is to find other ways to reward employees," Soltis added. "It's critical for credit unions to compensate employees with both monetary and intangible rewards. These two reward types work together to bolster employee morale, staff retention efforts and the credit union's bottom line." The survey provides compensation data for 89 full-time and eight part-time positions at credit unions with $1 million or more in assets. The data include base salaries, incentives, bonuses, total cash compensation and salary ranges. The report, available in print or Adobe PDF format, also contains job descriptions, benchmarks for salary and benefit expenses, base pay increases and turnover rates. An electronic version of the survey's data tables, which allow users to apply formulas and insert the data directly into the credit union's spreadsheets, is also available. Two other reports available can serve as companions to the survey. They are:
* The Geographic Customized Salary Survey, which provides average and median base salaries as well as percentile figures for selected cities or geographic areas; and * The Online Peer Comparison, which provides unlimited access to the 2011 salary survey database. It allows users to create customized peer groups using criteria such as credit union name, asset size, number of members, field of membership, number of full-time employees, number of services offered, total loans outstanding, state and geographic region.
Customized report parameters include percentiles and date-specific trending. For more information, click the link or call 800-356-9655, press three, and use these stock numbers as a reference: 29890 (print) or 29890P (PDF)