One in four credit unions will be adding full-time employees to their payrolls this year, and four in every five credit unions plan to provide pay increases to their workers this year, according to CUNA’s 2013-14 Staff Salary Report.
“Many credit unions are taking advantage of an improving economy by adding to their workforce and rewarding their workers for helping them and their members get through the tougher days of the recession,” Jon Haller, CUNA director of corporate and market research, said Tuesday in a release.
“Our survey results indicate clearly that credit unions are positioning themselves to help their credit unions grow and deliver more services to members,” Haller said.
He said the survey reported that salary and wage increases for managers are expected to be 2.6%.
Haller added that, for credit unions expected to increase their full-time workforce, the proportion rises with asset size. For example, two thirds of credit unions with assets of more than $200 million expect to add full-time workers to their payrolls.
The CUNA Staff Salary Report is based on salary and other compensation information provided by more than 1,250 credit unions, which represent about 18% of all credit unions. Haller said the sampling size is the largest of any credit union staff salary report. “The most any other provider bases its result on are no more than 350 credit unions.” he said.
The report is available for sale on CUNA’s website and includes compensation data for 90 positions, from the CEO down to 10 part-time positions.