Ever-Rising Benefits Costs Are Tough to Manage
Credit unions compete to recruit and retain quality employees by offering a wide range of benefits. But could that competitive edge be in jeopardy because of rapidly rising costs?
Over the last few years, the high costs of benefits have forced more credit unions to make cutbacks, increase employee cost sharing and leverage other cost savings initiatives such as workplace wellness programs
The white paper includes brief case studies of how three credit unions–the $130 million Public Service Credit Union in Romulus, Mich., SchoolsFirst FCU and the $90 million Woodstone Credit Union in Federal Way, Wash.–are managing high benefits costs.
Schools First FCU sent out request for proposals to compare how their benefits program stacked up against new ones.