MADISON, Wis. — Credit unions seem to be doing more with fewer employees.
The CUES 2006 Staffing Manual for Credit Unions reveals that since 1998 credit union staffing levels have declined to approximately 30% across the board. In addition to examining turnover rates for full-time versus part-time employees, for the first time the survey includes turnover rates for tellers, a group that has higher turnover than any other credit union job.
Despite the decreased staffing levels credit unions are upping the ante on compensation.
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A recent CUES Executive Compensation Survey finds that although credit union CEOs have earned on average higher percentage increases in base and total compensation than their counterparts in a number of sectors of the economy, they still continue to lag behind their banking industry peers. The average total compensation for CEOs ranged from $75,507 for credit unions with assets of $10 million to $19.9 million, to $421,903 for credit unions with assets greater than $1 billion. The overall average for CEO total compensation was $186,472.
In addition, credit unions report that they plan to increase executive pay an average of 4.6% this year and 4.5% next year for non-executive employees.
For more information about the CUES 2006 Staffing Manual for Credit Unions, and the CUES Executive Compensation Survey visit www.cues.org and select "Products," or call (800) 252-2664.
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