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Small CUs will provide some wage increases
MADISON, Wis. (11/24/09)--Although an unprecedented number of small credit unions indicated they would not be providing wage increases for all of their employees in 2009, the majority will provide wage increases for at least some of their employees, according to the Credit Union National Association’s (CUNA) recently released 2009-2010 Small Credit Union Staff Salary Survey.
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More than 40% of credit unions with $1 million to $35 million in assets reported freezing wages for some of their employees--a level not seen in over 25 years during which CUNA has studied credit union compensation and benefits packages. However, 93% of these credit unions said they expected to provide a salary/wage increase to at least some of their employees in 2009. As is the case across industries, wage increases are much lower than previous years, CUNA said. The average 2009 budgeted percentage salary increases for management and non-management employees are 2.6% and 2.7%, respectively. Anticipated 2010 percentage salary increases are lower, at 1.9% for managers and 2.1% for non-managers. However, while small credit unions typically provide wage increases that are lower than larger credit unions, 2009 budgeted wage increases and 2010 projected wage increases among credit unions with under $35 million in assets are comparable to the wage increases of credit unions overall--all credit unions with $1 million or more in assets. “The fact that wage increases for 2009 and 2010 among small credit unions are in line with their larger counterparts shows that these credit unions are working hard to reward their employees amidst a difficult economy and operating environment,” said Beth Soltis, CUNA senior research analyst. “To control payroll costs in 2009 and 2010, employers nationwide are promoting fewer employees, reducing staff, revising variable-pay programs, and implementing salary and hiring freezes,” she added. “The challenge for credit unions is to take the proper action, yet remain competitive in the labor market and retain high-quality employees. It appears that small credit unions are doing just that.” The survey provides nationwide compensation data--including base salaries, incentives, bonuses and total compensation--for 30 full-time positions and eight part-time positions for credit unions with $35 million or less in assets. Results are categorized by asset size, region, and many other points of comparison to help credit unions attract or retain staff. For more information, use the link.
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