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Security Service Federal Credit Union of San Antonio saw neighboring Randolph Brooks Federal Credit Union's move to increase its minimum wage from $15 to $18 — and raised it $2.
Security Service said in its announcement Thursday that the raise is an "industry-leading move" and sets a pay floor that "is one of the highest in the financial services sector."
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"This move is about people, and how we enable our best and brightest talent to be successful at work and in life," President/CEO Jim Laffoon said. "This action sends a message to our employees that we not only value them, but that they are a key success factor in achieving the future we want for our company and for our members."
The move followed similar moves in the financial industry and elsewhere.
PNC, which became a big player in Texas when it bought the Houston-based BBVA USA for $11.6 billion in June, announced in late August that it would raise its minimum pay from $15 to $18 per hour — starting Nov. 22.
Randolph-Brooks of San Antonio ($13.9 billion in assets, 978,857 members), the nation's 10th-largest credit union, announced Sept. 13 that it would match PNC's raise – and make it effective this month.
Security Service ($10.2 billion in assets, 799,007 members), also in San Antonio, is the nation's 19th-largest credit union and has more than 1,900 employees in locations throughout Texas, Colorado and Utah.
Cindy Moran, EVP and chief human resources officer, said the increase will impact nearly 400 employees, with the largest percentage being those who serve the credit union's members in branches and through the member contact center.
"Staying competitive with wages, a robust benefits package and 401(k) plan allows us to retain the best talent and provide the high level of service our members deserve," Moran said.
Increases in minimum wages have been taking place among many of the nation's largest employers.
On Saturday, hourly pay for more than 565,000 Wal-Mart store workers will increase by $1, and its minimum will rise from an $11 minimum set in 2018 to $12. Minimum wages are $15 at Target and Amazon, and the federal minimum wage is $7.25.
Among Texas' 36,460 tellers, the average pay was $14.90 per hour, or $30,980 per year, according to the latest detailed data from BLS' Occupational Employment Series.
Among the 423,570 tellers nationwide, BLS found pay was $15.85 per hour, or $32,960 per year.
Security Service's $20 hourly rate will go into effect for current employees at the end of the month and will also be in effect for all new hires moving forward.
"Our employees give us a competitive advantage and every job in our credit union is valued," Laffoon said. "This move is not only an investment in them, but an investment in the future of the credit union and the members we exist to serve."
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
