Credit union executives are getting slightly larger raises this year, a new survey shows.
The latest CUES Executive Compensation Survey has found that the average base salary for credit union CEOs increased 4.37% in 2011, as opposed to 3.62% in 2010.
Total CEO compensation increases have also seen a boost. The rate of increase for base salary plus bonus was 5.01% this year, compared with 2.54% in 2010, and the increase in total compensation averaged 5.07%, up from 2.39% the previous year.
This survey—composed of 467 respondents, 77% of which participated last year—also indicate that board evaluations were the most common factor in setting incentive pay, identified by 57.8 % of respondents, followed by earnings, 57.1%; loan growth, 35.5%; membership growth, 21.3%; and member satisfaction, 20.9%.
Among other executives, base salary increases ranged from 3.04% for business lending executives to 7.30% for business development managers.