As the economy continues to improve and baby boomer executives continue to retire, credit unions are facing new pressures and challenges when it comes to attracting and retaining executive talent, from CEOs to executive and senior vice presidents.

“There was a time when the market had gone south for all of us and few executives were making changes and moving,” Dr. Loretta P. Dodgen, managing partner for human resources firm HCSGroup in Charlotte, N.C., said. “That has changed. We are seeing a lot more movement among the top executives and that is creating a domino effect.”

Dodgen and other experts provided insights into how credit unions can develop and invest in competitive compensation packages that will not only attract and retain executive talent, but also assure regulators that the pay and benefits, as well as deferred compensation plans, are fair and reasonable.