Staff Salary Report - Utah`s Credit Unions

Transcription

CUNA
Staff Salary Report
Less Than $35 Million in Assets
2013-2014
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CUNA
Staff Salary Report
Less than $35 million in assets
2013-2014
The 2013-2014 CUNA Staff Salary Report (Stock No. 32335) is produced by CUNA Research.
Written by:
n Beth Soltis, senior research analyst
Companion products:
n Staff Salary Report—The most accurate, reliable data for the credit union industry. Covers 90
full-time and10 part-time credit union positions. (Stock No. 32325).
n Benchmarking Worksheets—Conduct quick, easy benchmarking. Calculate metrics such as
market index, comparatio, and range widths. (Stock No. 32331P).
n Dynamic Data Tables—Apply formulas and insert the data directly into your credit union’s
spreadsheets with the data tables from the Staff Salary Report in Excel files. (Stock No. 32330P).
n Guide to Setting Salaries—Describes how to use salary survey data to assign base pay, set
salary ranges, make peer comparisons, and benchmark positions. (Stock No. 32336).
Copyright Infringement Notice—Copyright ©2013 Credit Union National Association Inc.
All rights reserved. The contents of this report are copyright protected and are considered
confidential by Credit Union National Association (CUNA). This report, or any of the data
contained in the report, may not be printed, forwarded, shared, reproduced, copied or
otherwise redistributed to anyone or any entity outside of the recipient’s own organization.
Incorporating the report, or any of the data contained in the report, into compensation-related
software, other vehicles or products, or for any direct or indirect external use is also strictly
prohibited without a license expressly granted by CUNA.
Any violation of CUNA’s rights with respect to this report will cause CUNA irreparable harm and
damages will result.
For more information:
n Visit cuna.org/compensation;
n Call 800-356-9655, ext. 4172; or
n Email [email protected]
3
CUNA STAFF SALARY REPORT tLESS THAN $35 MILLION IN ASSETS
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© Credit Union National Association 2013
CUNA
Staff Salary Report
Less than $35 million in assets
2013-2014
Contents
Survey Methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
About the Regions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
CU Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
List of Participating CUs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Administrative Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
n Base salary comparisons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Salary Ranges and Range Widths . . . . . . . . . . . . . . . . . . . . . . . . 27
How to Use the Data Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
List of Data Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
List of Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Data Tables and Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . 37
5
Survey Methods
T
his report summarizes the
results of a subsample of
credit unions participating in
the 2013-2014 CUNA Staff Salary Report, an online survey
conducted by CUNA Research
in Madison, Wis., between
January and April 2013.
In January, CUNA Research
sent invitations to participate
in the survey to 5,625 affiliated credit unions with $1 million or more in assets (based
on third-quarter 2012 NCUA
5300 Call Report data).
A human resource (HR)
professional or the CEO/manager at each credit union in
the sample received a letter
with instructions for completing the survey online.
For those credit unions with
available email addresses,
the HR professional or CEO/
manager received an email
with the Web address and
instructions for completing
the survey.
As an incentive, credit
unions were offered a discount on the final report if a
6
representative responded to
the survey.
CUNA Research monitored
responses and, after three
weeks, sent another letter
and printed survey to credit
unions that didn’t respond
to the initial mailing, again
requesting their participation
and providing instructions.
About three weeks later,
a follow-up postcard and
email went to sampled credit
unions that had not yet participated in the survey.
By March 2013, the cutoff
for inclusion in the report,
CUNA Research received 717
usable surveys from the 3,190
credit unions with $1 million
to $35 million in assets, a 22%
response rate.
The data was stratified by
assets and weighted to adjust
for the over- or under-representation of credit unions in
any strata.
Weighting is a standard
survey analysis procedure
designed to increase the reliability of the survey results. It
ensures that the results aren’t
biased by a specific group of
credit unions.
The salary, bonus, incentive,
total variable pay, and total
cash compensation averages
also were weighted by the
number of employees in
each position.
This weighted average
comes closest to the amount
earned by the average
employee within each job
position, rather than what the
average credit union pays for
that specific job position.
CUNA Research asked
credit unions to provide
compensation data effective
Jan. 1, 2013. In examining the
data from responding credit
unions, staff verified extreme
outliers. If the data point
appeared to be an invalid
response, it was eliminated
from the final data set.
Credit unions with established formal salary ranges
were asked to report the
minimums, midpoints, and
maximums of their formal sal-
ABOUT THE REGIONS
ary ranges for each position.
CUNA Research included only
responses from credit unions
reporting all three figures,
ensuring these were formal
salary range figures and not
the highest and lowest salaries paid to job incumbents.
CUNA Research included
only responses where the
midpoint differed by less than
$2,000 from the average of the
minimum and the maximum of
the formal salary range.
Because the sample was
limited to credit unions with
$1 million to $35 million
in assets, all references to
“credit unions” in the following summaries refer to that
universe of credit unions.
Based on a sample of 717
respondents, the maximum
sampling error for the overall
percentages is ± 3.2% at a
95% confidence level. That is,
in 95 of 100 similar samples,
the overall percentages would
fall within 3.2 percentage
points of those observed in
the data tables.
7
New
England
Pacific
West
North Central
East
North Central
Mountain
West
South Central
Middle
Atlantic
South
Atlantic
East
South
Central
Pacific
REGIONS
Northeast = New England (ME, NH, VT, MA, RI, CT);
Middle Atlantic (NY, NJ, PA)
Midwest
= East North Central (OH, IN, IL, MI, WI);
West North Central (MN, IA, MO, ND, SD, NE, KS)
South
= South Atlantic (DE, MD, DC, VA, WV, NC, SC, GA, FL);
East South Central (KY, TN, AL, MS);
West South Central (AR, LA, OK, TX)
West
= Mountain (MT, ID, WY, CO, NM, AZ, UT, NV);
Pacific (WA, OR, CA, AK, HI)
Executive Summary
Figure 1
P
ay increases appear to be
back, as numerous studies
point to a rise in the number
of organizations providing pay
raises in 2012 and 2013. The
amount of pay increases is
also growing, with increases of
about 3% projected for 2013.
These trends, coupled
with an increase in hiring,
put pressure on all organizations to follow suit. They also
should spur credit unions
to review their compensation programs and retention
strategies. Those that aren’t
rewarding their employees
competitively run the risk of
losing them to an employer
who will.
Salary and benefit
actions
In 2012, 75% of credit unions
with assets of $1 million to
$35 million gave a salary/
wage increase to at least
some of their employees
(Figure 1). The prevalence
of pay increases continues
its slow upward trend from
8
68% in 2010 and 71% in 2011.
A similar percentage (74%)
anticipate providing base pay
increases in 2013.
The likelihood of giving pay
increases in 2012 increases
with the size of the credit
union. At least 90% of those
$35 million increased salaries/
wages in 2012.
In addition, credit unions
overall—those with assets
of $1 million or more—are
slightly more likely than those
with $1 million to $35 million
in assets to have provided salary/wage increases in 2012,
at 80%.
Further accentuating wage
growth, the percentage
of credit unions initiating
a wage freeze for at least
some employees continues
to decrease. In 2012, 43% of
credit unions with assets of
$1 million to $35 million initiated a wage freeze for at
least some of their employees. This figure decreased
from 52% in 2010 and 47%
in 2011. Expect this trend to
2012 CU salary/benefit
actions*
Implemented salary/wage increases
75%
Implemented salary/wage freezes
43
Increased/implemented
bonus payments
12
Lowered/cut
bonus payments
9
Reduced or
eliminated benefits
8
Increased/added employee
contributions to benefits costs
7
Increased or
added benefits
7
Decreased potential
annual salary/wage increases
6
Increased potential
annual salary/wage increases
5
Increased/added
potential incentives
4
Lowered/cut
potential incentives
1
Reduced/eliminated
employee contributions
to benefits costs
1
Other
4%
*Limited to CUs with assets
of $1 million to $35 million
continue, as only 38% anticipate freezing wages in 2013.
However, this group is
slightly more likely than credit
unions overall (those with
assets of $1 million or more) to
have initiated a wage freeze in
2012, at 34%.
Salary/wage increases
Credit unions were slightly
more likely to give pay
increases to full-time nonmanagement employees
than to CEOs and managers
in 2012. Among those with
assets of $1 million to $35 million, 75% gave pay increases
to full-time nonmanagement
employees in 2012, while
about 65% gave pay increases
to CEOs and managers.
The percentages of credit
unions with budgeted pay
increases for 2013 are similar
to the actual 2012 levels for
each of the employee groups.
For full-time employees,
2012 average salary/wage
increases were 2.2% for management employees and
9
2.3% for nonmanagement
employees (Figures 2 and 3).
Budgeted salary/wage
increases for 2013 are similar
to 2012 figures. However,
anticipated pay increases for
2014 are lower, at 2.1 for both
employee groups.
In 2012, CEOs received an
average pay increase of 2.3%.
Budgeted CEO base pay
increases for 2013 are similar,
at 2.2%. Anticipated CEO pay
increases for 2014 are lower,
at 2%.
2012 average base pay
increases for credit unions
$35 million were lower than
those of credit unions overall
(those with assets of $1 million or more) for each of three
employee groups.
Among those with assets of
$1 million or more, 2012 average pay increases were 2.6%
Figure 2
Average full-time management base pay increases*
4%
3.59%
3
3.59
2.59
2
2.01
2.06
2010
2011
2.22
2.17
2.05%
1
0%
2008
2009
2012
2013
2014
(budgeted) (anticipated)
*Limited to CUs with assets of $1 million to $35 million and at least one
full-time employee
for management employees,
employees, and 2.9% for
CEOs.
Hiring plans
Similar to the prior three
years, 20% of credit unions
with assets of $1 million
to $35 million plan to hire
full- and/or part-time staff in
2013.
This figure increases from
4% among credit unions with
$1 million to $2 million in
assets to about 45% among
those with assets of $25 million to $35 million.
About 10% of these credit
unions with $1 million to $35
million in assets plan to hire
full-time employees in 2013.
Almost 15% plan to add
part-time employees to their
payroll in 2013. On average,
these credit unions plan to
add 1.2 employees in each
employment group.
Credit unions overall (those
with assets of $1 mil-lion or
more) are slightly more likely
than those with $1 million to
$35 million in assets to add to
their payrolls in 2013, at 25%.
Succession planning
Companies with formal succession plans avoid losing
valuable time in a search for
viable candidates, which can
take several months or longer. A void in leadership can
have a detrimental effect on
organizational performance,
and can cause the organization to miss valuable opportunities.
Two-thirds (64%) of credit
million in assets have formal
succession plans, while an
additional 16% expect to
establish them by year’s end
2013.
Six percent of CEOs of
to $35 million in assets plan
to retire in the next two years,
and only 1% plan to leave for
any other reason.
Almost 30% of CEOs are
nearing retirement age—18%
are ages 60 to 64 and another
10% are 65 or older. The average age is 53.6.
The average age of CEOs
of credit unions overall (those
with assets of $1 million or
more) is similar, at 54.2
When replacing their CEOs,
Figure 3
Average full-time nonmanagement base pay increases*
5%
4
3.57%
3
2.59
2
2.22
2.16
2010
2011
2.32
2.36
2.11%
1
0%
2008
2009
2012
2013
2014
(budgeted) (anticipated)
*Limited to CUs with assets of $1 million to $35 million and at least one
full-time employee
10
credit unions with assets of
$1 million to $35 million are
most likely to give internal
applicants preference, at
51%. Almost 40% post the job
internally and externally at the
same time, while only 7% prefer solely external applicants.
These figures are similar to
those of credit unions overall
(those with assets of $1 million or more).
Incentive/bonus
awards
Variable pay (incentives and/
or bonuses) continues to be a
popular way to reward
employees without increasing fixed costs. Among credit
unions with assets of $1 million to $35 million, 55% offer
variable pay to their full-time
employees.
This figure generally
increases with the size of
the credit union, from 19%
among those with $1 million
to $2 million in assets to at
least 70% among those with
assets of $20 million to $35
million.
Variable pay is more common among credit unions
overall. Among those with
$1 million or more in assets,
66% offer variable pay to
their full-time employees.
Bonus awards (after-the-fact
11
rewards for a job well done)
continue to be the most common form of variable pay
among credit unions. Among
those with assets of $1 million
to $35 million, 50% provided
bonuses to full-time employees in 2012.
Credit unions are somewhat
more likely to provide bonus
awards to managers than to
nonmanagement employees.
Almost 50% provided bonuses to management employees, while 42% provided them
to nonmanagement employees (Figure 4).
Nearly 20% of credit unions
offer incentive payments
(awards tied to preset performance criteria) to their fulltime employees. This figure
generally increases with the
size of the credit union, from
3% among those with assets
of $1 million to $2 million
to 53% among those with
assets of $30 million to
$35 million.
Credit unions are equally
likely to offer incentive payments to nonmanagement
employees as to managers, at
about 15% each (Figure 4).
These figures are comparable to those from 2011.
Figure 4
Offered incentives and/or bonuses to full-time employees
in 2012*
Incentives
No
84%
Bonuses
Yes
16%
Yes
49%
No
51%
Management
Management
Yes
42%
No
85%
Nonmanagement
Yes
15%
No
58%
Nonmanagement
*Limited to CUs with assets of $1 million to $35 million and at least one fulltime employee
CU Characteristics
H
ow do your credit
union’s membership
demographics compare with
those of other credit unions?
The following characteristics
provide demographic information on the credit unions
that participated in the study.
This information ensures that
the data you compare from
this report reflect your industry and competitive market.
West South Central region
record the lowest.
Region
Note: As is the case with all
the data in this report, the
averages for respondents’
characteristics are weighted
by asset size.
As shown in the table, “Survey respondents by region,
members, bond, loans, and
services,” a higher percentage of credit unions in the
sample are located in the
East North Central region
than in any other region.
In contrast, the lowest percentages of credit unions in
the sample are located in
the New England and Pacific
regions.
Asset size
Number of members
Overall, the average
asset size of credit unions
responding to this survey is
$12,495,326. The distribution
of respondents by asset size
can be found in the “Assets”
table.
Credit unions in the Pacific
region have the highest average asset size among all
regions, while those in the
Credit unions responding
to this survey have an average
of 2,024 members. This average ranges from 471 members among credit unions
in assets to 4,820 members
among credit unions with
assets.
12
Common bond
Similar to past years, most
credit unions—more than twothirds—in the sample have an
occupational common bond.
Considering the type of
occupational common bond,
these credit unions are more
likely to have a single-group
occupational common bond
(39%) than an occupational
common bond with multiple
select employee groups
(SEGs) (31%).
The next most common
type of common bond is
community, at nearly 25%.
Assets
Asset size
($ millions)
$1-2
% of CUs
8%
Average
$1,508,174
2-5
19
3,490,665
5-7.5
12
6,234,760
7.5-10
10
8,698,711
10-15
17
12,559,050
15-20
11
17,326,895
20-25
9
22,760,619
25-30
7
27,110,392
$30-35
6%
$32,208,554
Branch offices
Overall, 83% of credit unions
in the sample don’t have a
branch office other than the
main branch, and 12% have
only one additional branch
office. Only 5% have two or
more branch offices.
Loans outstanding
Credit unions in the sample have an average of
$6,211,583 in loans outstanding. This ranges from
$718,021 among credit unions
with $1 million to $2 million in
assets to $15,229,305 among
to $35 million in assets.
The average credit union in
the sample has a 57.4% loanto-share ratio.
Services offered
Credit unions in the sample
offer an average of 7.5 of
the 19 services asked about
on the survey. This average ranges from 1.5 among
to $2 million in assets to 12.6
among those with $30 million
to $35 million in assets.
Overall, 17% of credit
13
unions in the sample offer
none of the 19 services listed
on the survey. This percent-
age is noticeably higher
among those with assets of
$5 million or less.
Survey respondents by region, members, bond, loans,
and services
Region
New England
% of CUs
5%
Middle Atlantic
14
East North Central
21
West North Central
14
South Atlantic
13
East South Central
9
West South Central
12
Common bond
% of CUs
Occupational/single
group
39%
Occupational/with SEGs
31
Community/residential
23
Associational
7
Unclassified
0%
Services offered
% of CUs
Mountain
8
Share drafts/checking
77%
Pacific
5%
ACH services
74
Website
73
Debit cards
66
Internet banking
61
IRAs
51
Home equity loans
48
Insurance products
48
Credit cards
46
ATM cards
43
PC-based electric bill
payment
39
First mortgages
35
Audio response
34
13
Members
% of CUs
0 - 499
10%
500 - 999
19
1,000 - 1,499
18
1,500 - 1,999
15
2,000 - 2,999
17
3,000 - 3,999
10
4,000 - 4,999
6
5,000+
5%
Loans outstanding
($ millions)
% of CUs
$0-1
11%
Indirect auto financing
1-2
15
Student loans
12
2-3
10
Business loans
9
3-5
19
Financial planning
7
5-7
13
4
7-10
11
Third party savings/
investments
10-15
13
Auto leasing
0
15-20
6
$20-30
3%
None
17%
List of Participating CUs
Alabama
City of Ukiah ECU
Newington VA FCU
Alabama Rural Electric CU
Compton Municipal EFCU
Chemco CU
CRC Federal Credit Union
Quiet Corner Community CU
Inc
Councill FCU
Delta Schools FCU
Quinnipiac Valley Community
FCU
Covington School FCU
Desert Communities FCU
Stamford Postal EFCU
Gulf Coast FCU
Fairview EFCU
Trumbull CU Inc
Nucor EFCU
Fresno Grangers FCU
Wolverine ECU
Ketema FCU
Ukrainian Selfreliance
New England FCU
Mid-Cities CU
Arizona
Alhambra CU
APC EFCU
Bashas Associates FCU
EM FCU
Mohave Community FCU
Snowflake Mills FCU
Monrovia City EFCU
Printing Office ECU
Delaware River & Bay Authority
EFCU
Sequoia FCU
ICI America FCU
SF Recreation & Parks FCU
Provident FCU
United Association CU
Colorado
Winslow School EFCU
Englewood Municipal FCU
Fellowship CU
Cooperative Extension Service
FCU
Delaware Alliance FCU
Rarin FCU
Winslow Santa Fe CU
Arkansas
Delaware
Mountain River CU
Routt Schools FCU
District of Columbia
Howard University EFCU
Florida
Clay Electric ECU
HCA FCU
Jacksonville Firemens CU
Fort Smith Teachers FCU
San Juan Mountains CU
Natural State Federal Credit
Union
SMW 9 FCU
Patterson FCU
Connecticut
River Town FCU
Arnold Bakers EFCU
St Edward Mercy Hospital FCU
Bridgeport Post Office FCU
Subiaco FCU
Bristol Municipal EFCU
Usem Mena FCU
Greater West Haven FCU
White County FCU
Lawrence Memorial Hospital
EFCU
California
Metropolitan District ECU Inc
First Reliance FCU
Atchison Village CU
Middconn FCU
Canoga Postal FCU
New London Municipal ECU Inc
Flowers Employees Credit
League
14
Manatee Community FCU
Pompano Beach City ECU
Town of Palm Beach FCU
Georgia
Brosnan Yard FCU
Colquitt County Teachers FCU
Elco FCU
Ethicon CU
Habersham FCU
Archer Heights CU
Quincy Municipal CU
Locoga FCU
Area Educational CU
Quincy Postal ECU
Macon Water Works CU
ASH ECU
Riverside Community CU
Mercy FCU
Aurora Firefighters CU
Rockford Postal ECU
Rome Kraft ECU
Blackhawk Area CU
Route 1 Credit Union
Roper Lafayette ECU
Bloomington Municipal CU
Sangamo Chapter CU
Savannah Postal CU
C & NW Proviso CU
Sherwin Williams ECU
Hawaii
Champaign County Schools
Employees CU
Silgan White Cap CU
Glover Federal Credit Union
Chicago Area Office FCU
Hamakua Coast Community
FCU
Chicago Fire Officers Assn CU
Hawaii First FCU
Kahuku FCU
NAVFAC FCU
Onomea FCU
Oral FCU
Plumbers & Fitters Local 675
FCU
St Francis Medical Center FCU
Chicago Firemans Assn CU
Clifford Jacobs ECU
Dekalb County CU
Electric Energy Inc ECU
Elgin Mental Health Center ECU
Financial Partners CU
Fox Valley CU
Gale Credit Union
IBEW Local 146 CU
SIUE CU
SJH EFCU
Sourceone CU
Southern Illinois Area CU
Springfield Fire Fighters CU
Synergy Partners Credit Union
United Catholic CU
United Methodist Ministries CU
Valley Bell CU
Western Illinois CU
Western Illinois School ECU
Winnebago County Schools CU
Idaho
Joliet Firefighters CU
Cassia County Education Assn
CU
Kankakee Terminal Belt CU
Indiana
Kaskaskia Valley Community CU
AA FCU
Macon County School EFCU
Blufton Motor Works Franklin
Electric ECU
Cornerstone CU
Idaho United Credit Union
MAP Credit Union
SEI US EFCU
St Joe Valley CU
White Pine CU
Motor Coach ECU
Murray ECU
MWRD ECU
New Horizon CU
Peoria Fire Fighters CU
Illinois
Pontiac-Dwight Prison ECU
ADM Credit Union
Processors-Industrial
Community CU
Aldersgate FCU
Allsteel Credit Union
15
Quad Cities Postal CU
Central Soya FCU
Clifty Creek EFCU
Community Spirit CU
Evansville Firefighters FCU
Financial Partners FCU
First County FCU
Gary Fire Fighters Assn FCU
Gary Police Dept EFCU
Huntington County FCU
Kansas
Louisiana
I & M Tanners Creek EFCU
Ark Valley CU
Acadian FCU
ITT Employees Ft Wayne
Division FCU
Bell-Government CU
Barton Plant EFCU
BP Ulysses FCU
Cabot ECU of Franklin
C & R CU
CF LA CU
Crossroads CU
Coast Guard ECU
Eagle FCU
Concordia Parish School EFCU
Employment Security ECU
Continental EFCU
Enterprise CU
District 58 FCU
KC Fairfax FCU
District 62 Highway FCU
Morton CU
First Pioneers FCU
Peoples Choice CU
GECO FCU
River Cities Community CU
Geismar Complex FCU
Iowa
Salina Interparochial CU
Internal Revenue FCU
Ace CU
Salina Municipal CU
Jeff Davis Teachers FCU
Capitol View CU
Saline County Teachers CU
Montell Federal Credit Union
Casebine Community CU
Sunflower UP FCU
Morton Weeks FCU
Jackson County Co-op CU
LaPorte Community FCU
Link FCU
Midwest Family FCU
Muncie FCU
Richmond State Hospital ECU
South Bend Post Office CU
Sullivan County CU
Vulcraft EFCU
Cornerstone Community CU
Des Moines County Postal CU
Des Moines Water Works CU
Dubuque Teachers CU
Eaton ECU
Kentucky
ARH FCU
BCBS Credit Union Inc
Bluegrass Community FCU
C & O United Credit Union
ETS CU
Frontier Community CU
Corning Glass Works FCU
Friends First FCU
Municipal EFCU
People’s CU
Rapides FCU
River Cities CU
South Louisiana Highway FCU
St Landry Parish FCU
Total Community Action FCU
Hopkins County Teachers FCU
US Veterans Administration
New Orleans LA FCU
Louden Depot Community CU
Kentucky Army National Guard
FCU
WBRT FCU
Metco CU
Kraftcor FCU
Maine
Peoples CU
KYANG FCU
Great Falls Regional FCU
Polk County Schools ECU
Letcher County Teachers CU Inc
HealthFirst FCU
SECU CU
Louvah FCU
Howland - Enfield FCU
UNI CU
McCracken County Teachers
FCU
Monmouth FCU
General Drivers CU
Henry County Community CU
United Credit Union
USDA CU
Warren CU
Waterloo Firemens CU
16
Modern EFCU
Sabattus Regional CU
Security Plus FCU
Maryland
Tayco EFCU
Automotive Aftermarket EFCU
Your Hometown FCU
Baltimore Washington FCU
Carco FCU
Tandem FCU
Mid Delta CU
Cecil County School EFCU
Unified Communities FCU
Miller Transporters FCU
Local 355 MD FCU
Valley State ECU
Mississippi Dept. of
Transportation FCU
Minnesota
Mississippi National Guard FCU
Agassiz Federal Credit Union
MSTC FCU
Massachusetts
Austin City ECU
MUNA Federal Credit Union
Cambridge Municipal EFCU
Catholic United Financial CU
MUW EFCU
CUPS Federal Credit Union
Central Hanna ECU
New Horizons CU
Dedham Town EFCU
Duluth Fire Dept CU
Pine Belt FCU
Local 170 Teamsters FCU
Electric Machinery ECU
Lowell Firefighters CU
Embarrass Vermillion FCU
United Methodist of Mississippi
FCU
Marblehead Municipal EFCU
FIRST PACE CU
University of Southern
Mississippi FCU
Newton Teachers CU
Floodwood Area CU
Vicksburg Railroad CU
North Adams Municipal EFCU
Josten ECU
Wesley Health Systems FCU
Norwood Town EFCU
Lakes Area FCU
Peabody Municipal FCU
Metropolitan Service Credit
Union
Missouri
Michigan
Mico Employees CU
Burns & McDonnell CU
Allegan Community FCU
Northern Energy FCU
Cape Regional CU
Chatham Eben Co-Op FCU
Pennington Municipal & County
ECU
Catholic Family CU
Potomac FCU
SelfReliance Baltimore FCU
Communicating Arts CU
Community First FCU
Dowagiac Area FCU
Four Flags Area CU
GraCo FCU
Health One CU
Manistique FCU
Munising Community CU
Muskegon St Joseph FCU
Red Lake Co-Op FCU
St Cloud City & County ECU
St James Public Schools FCU
STARCOR CU
United ECU
Wadena FCU
West Financial CU
Ziegler FCU
Bayer Credit Union
City CU
County CU
Cross Roads CU
Dexter Public Schools CU
Kansas City CU
Kilowatt Community CU
MAWC CU
Missouri Baptist CU
Neosho School ECU
River Rouge Municipal CU
Mississippi
Northeast Regional CU
ROME CU
Biloxi Teachers FCU
Our Lady of Snows CU
Shoreline Federal Credit Union
Columbus Municipal CU
Shelter Insurance FCU
Southeast Michigan State EFCU
Delta Credit Union
St Louis Policemens CU
St Charles Parish FCU
Hospital System CU
St Patrick Croswell CU
JPFCE FCU
Sterling Heights Community
FCU
Meridian Mutual FCU
17
Montana
Butte Community FCU
Fallon County FCU
High Peaks FCU
West Hudson Teachers FCU
SMSD FCU
Homestead FCU
West Orange Municipal FCU
SUNY Fredonia FCU
Mile High FCU
St Pats EFCU
Trico Community FCU
Tricounty FCU
New Mexico
Deming School ECU
Estacado CU
Everyone’s FCU
Sweet Home FCU
Twin Rivers FCU
United Neighbors FCU
Upstate Telco FCU
Nebraska
Ft Bayard FCU
Urban Street Biscuit Workers
FCU
Chadron FCU
Jemez Valley CU
US Weather Bureau NY FCU
Dale Employees Credit Union
St Gertrudes CU
Westfield Area FCU
Kearney FCU
Telco Roswell New Mexico FCU
WIT FCU
Meadow Grove FCU
The Florist FCU
Nebraska Rural Electric Assn CU
North Carolina
New York
Arcade CU
ALCO FCU
BIP FCU
Amherst FCU
Fayetteville Postal CU
Att-Wyo Correctional EFCU
Hickory Springs FCU
Buffalo Police FCU
Lithium FCU
Nevada
Coxsackie Correctional EFCU
Lorillard FCU
Stage EFCU
District 6 FCU
North Carolina Press Assn FCU
Division 726 FCU
Piedmont CU
Ed-Med FCU
TCP Credit Union
Erie County Employees Credit
Union
North Dakota
Grand Island Community FCU
Flasher Community CU
GRS EFCU
Minot Area Schools FCU
Hoosick FCU
Riverfork FCU
IREB FCU
Tolna Co-Op FCU
North Platte Union Pacific ECU
Northeast Nebraska FCU
Roberts Dairy EFCU
Woodmen FCU
New Hampshire
Gropaco FCU
St Joseph Hospital ECU
New Jersey
Bergen Division FCU
Elizabeth NJ Firemens FCU
Linden NJ Police & Firemen
FCU
Linton FCU
M & C Menlo Park FCU
Mamta FCU
Mercer County NJ Teachers
FCU
Maryvale Schools FCU
Monmouth County Postal ECU
Niagara Falls Penn Central ECU
Newark Post Office ECU
Postal Emp of Troy NY FCU
Peoples Transport FCU
Rome FCU
Piscataway Township EFCU
Rome Teachers FCU
Research 1166 FCU
SCF Westchester NY 105 EFCU
Terminals FCU
Sisters Hospital EFCU
18
Mt St Marys Hospital FCU
Ohio
Acme FCU
Burgess & Niple ECU Inc
Canton School Employees FCU
Champion FCU
Kraton Belpre FCU
Kyger Creek CU Inc
Lake County Educational FCU
Local No 673 CU Inc
Local Union 392 FCU
BI FCU
Spring Mill Employees FCU
Materion FCU
CGH FCU
Springdale PPG FCU
Mercy Health Partners FCU
Catasauqua Area FCU
Standard Steel Employees FCU
MG EFCU
Central Susquehanna
Community FCU
Stanwood Area FCU
Minerva Area Federal Credit
Union
Morton Salt CU Inc
Nickel Steel FCU
ODJFS FCU
Paco FCU
RSC YO-C1 Offices FCU
Sorg Bay West FCU
St Francis De Sales Parish FCU
St James Parish CU
Stoffe FCU
Woodco FCU
YHA South Unit FCU
Central Valley FCU
Colfax Power Plant Employees
FCU
Stroehmann Employees FCU
Teamsters Local 30 FCU
Trailblazer FCU
Consumer Healthcare FCU
Trouvaille FCU
Corry Jamestown CU
UFCW Local 1776 FCU
Erie City Employees FCU
Washington County Postal FCU
Erie Flagship Community FCU
West York Area School District
Employees FCU
Erie Times FCU
First Area FCU
Franklin-Johnstown FCU
Gasco Eastern District FCU
Grove Community FCU
Westmoreland Water FCU
Wyrope Williamsport FCU
York Educational FCU
Your Choice FCU
Harper & Row Keystone EFCU
Rhode Island
Oklahoma
IU 7 FCU
Pawtucket Municipal EFCU
Arbuckle FCU
Lake Erie Community FCU
Comanche County FCU
Local 229 IBEW FCU
First Tulsa FCU
Locomotive & Control EFCU
Friends FCU
McKeesport Area Public
Schoolsl EFCU
Integris FCU
McAlester AAP FCU
Teachers CU
McKeesport Bell FCU
Montoursville Area FCU
Mt Lebanon FCU
Pennsylvania
NFO Irvine FCU
Allegheny Metal FCU
Northumberland County
Schools FCU
Ambridge Area FCU
American Bakery Workers FCU
ARG Bradford FCU
AT & T Employees Pittsburgh
PA FCU
South Carolina
Columbia Post Office CU
Nucor ECU
Pee Dee FCU
Sixth Postal CU
South Dakota
Consumers FCU
Dakota Star FCU
East River FCU
NU Community CU
HB Telco FCU
PACE Resources FCU
Huron CNW FCU
PACOE FCU
M-O FCU
Pennformer Community FCU
OAHE FCU
AVH FCU
Pittsburgh Pepsi Cola FCU
Sisseton-Wahpeton FCU
Barta-Berks Community FCU
Saint Nicholas FCU
SODES FCU
Beaver Avenue FCU
Sarco Federal Credit Union
Beaver Falls PA Teachers FCU
Schuylkill FCU
19
Tennessee
Fannin FCU
LU 354 IBEW FCU
Appliance CU
FMC Technologies FCU
St Marks EFCU
AUB ECU
Greater Central Texas FCU
Sunnyside CU
CN/IC ECU
Highway District 2 CU
Teamsters Local 222 FCU
Greeneville City ECU
Highway ECU
Uintah CU
Greeneville Works Employees
Savings Assn CU
Hockley County School ECU
Utah Prison ECU
Howard County EFCU
Varian SL Employees FCU
Healthcare Services Credit
Union
IBEW Community FCU
Vermont
Holston Methodist FCU
IBEW LU 66 FCU
Kellogg Memphis EFCU
Kilgore Shell EFCU
Northeast Schools & Hospital
CU
Knoxville News Sentinel ECU
Lubbock Teachers FCU
White River CU
Middle Tennessee FCU
Mountain Star FCU
Mountain Lakes Community
FCU
NE Panhandle Teachers FCU
Virginia
BNA FCU
MPD Community CU
New Mount Zion Baptist Church
CU
Pathway CU
NRCS FCU
Centra Health CU Inc
Purity Dairies EFCU
Pasadena Municipal FCU
Danville City EFCU
St Thomas Hospital ECU
Refugio County FCU
Dinwiddie Education Assn FCU
Tenn Department of Safety CU
Skel Tex CU
First NRV FCU
Tennessee River FCU
Southland FCU
Hampton Roads Postal CU Inc
Times Free Press CU
St Lukes Community FCU
ITT Roanoke EFCU
Vanderbilt University Credit
Union
Sweeny Teachers FCU
Kraftsman FCU
Swemp FCU
Lynrocten FCU
Texas Champions FCU
Texas Farm Bureau FCU
NCP Community Development
FCU
Texas People FCU
Old Dominion Univ CU Inc
Victoria City-County EFCU
Petersburg Federal Reformatory
CU
Texas
Alpine Community CU
American Baptist Assn CU
Bayou City FCU
Belton FCU
Cabot & NOI ECU
Caprock FCU
City-County FCU
Victoria Teachers FCU
WAGE FCU
Walker County FCU
Yoakum County FCU
Carroll County School EFCU
Portsmouth Police CU
Queen of Peace Arlington FCU
Resources FCU
Richmond Fire Dept CU
Coastal Bend PO FCU
Utah
Southwestern Telco FCU
Cowboy Country FCU
CUP FCU
Sperry Marine FCU
C-T Waco FCU
Freedom Credit Union
Suffolk VA City EFCU
Division 694 Motor Coach EFCU
Gibbons & Reed EFCU
Valley Community CU
Ellis County Teach & Emp FCU
Grantsville FCU
Vantage Point FCU
Fannin County Teachers FCU
Kings Peak Credit Union
Virginia Beach Postal FCU
20
Virginia Gas CU
Wisconsin
Wyoming
Walker Virginia FCU
Athens Area Credit Union
First Cheyenne FCU
Waynesboro ECU Inc
Avestar Credit Union
River-Rail Community FCU
WJC FCU
Badger Campus CU
Sheridan Community FCU
Badger Credit Union
Wyoming Central FCU
Brantwood Credit Union
Yellowstone FCU
Washington
Cascade Forest Products CU
Connection CU
Generations CU
KBR CU
County City Credit Union
Educational Employees CU
GBCI Credit Union
Mint Valley FCU
Golden Rule Community Credit
Union
Olympia CU
Holy Family Memorial CU
Port of Seattle FCU
Kenosha City Employees Credit
Union
PUD FCU
Sears Spokane EFCU
WCLA Credit Union
Kenosha Postal ECU
Kilowatt Credit Union
Lakewood Credit Union
West Virginia
Madison Credit Union
Blennerhassett FCU
Marathon County ECU
CCMH FCU
MCU Financial Center Credit
Union
CHA TEL FCU
CHHE FCU
City of Clarksburg FCU
Meadowland CU
Members First Credit Union
Fayette FCU
Menasha Employees Credit
Union
Hancock School EFCU
MG&E Credit Union
Mail Pouch FCU
Oshkosh Postal ECU
Marion County School EFCU
Racine Police Credit Union
Mountain Heritage FCU
Sacred Heart Hospital ECU
PACE FCU
Teachers Credit Union
Plumbers & Steamfitters Local
83 FCU
The Labor CU
Putnam School EFCU
Utilities Credit Union
Raleigh County Educators FCU
Wisconsin Latvian Credit Union
Inc
Twin Oaks FCU
Wisconsin Medical Credit Union
United Hospital Center FCU
Wood County Employees Credit
Union
WAYCOSE FCU
Whetelco FCU
Willow Island FCU
Wood County Community FCU
21
Administrative Issues
A
s your credit union
prepares for its next
round of salary decisions,
it’s helpful to see how other
credit unions administer
their salary plans. These
trends and corresponding
data offer useful peer
comparisons.
Salary structure
More than half (55%) of
credit unions with at least
one full-time employee have
adjusted their salary structures since January 2012,
including 14% that had
already adjusted their
salary structures for 2013
at the time the data was
collected.
Formal salary ranges
Twenty percent of credit
unions in the study have formal salary ranges. The percentage of credit unions with
formal salary ranges increases
as asset size increases—from
3% among credit unions with
22
assets to 53% among those
$35 million.
Among those with formal
salary ranges, the average
percentage increase for the
salary range structure in 2012
was 1.1% for management
and 1.4% for nonmanagement employees.
Salary range increases budgeted for 2013 are 1.3% for
management and 1.5% for
nonmanagement employees.
In addition, anticipated 2014
salary range increases are
1.4% for management and
employees.
CU employment
Nearly 90% of credit unions
with $1 million to $35 million in assets have at least
one full-time employee (“CU
employment”). These credit
unions employ an average of
4.7 full-time workers—ranging
from 1.2 among credit unions
in assets to 11.7 among those
in assets. These credit unions
average 0.3 to 0.4 full-time
employees per $1 million in
assets.
About 10% of credit unions
in assets plan to add full-time
employees to their payroll
in 2013. On average, these
CU employment
Full-time employees
No. of employees
% of CUs
None
11%
1
13
2
16
3
16
4
10
5
7
6
7-10
11+
4
15
7%
Part-time employees
No. of employees
% of CUs
None
33%
1
33
2-4
31
5-9
3
10-49
0
50+
0%
credit unions plan to add 1.2
full-time employees.
Two-thirds (65%) of credit
unions with $1 million to
$35 million in assets have at
least one part-time employee.
They have an average of 1.4
part-time employees. Overall,
they average 0.2 part-time
employees per $1 million in
assets.
Almost 15% percent of
to $35 million in assets plan
to add part-time employees
to their payroll in 2013. They
plan to add, on average,
1.2 part-time positions.
No more than 4% plan to
reduce full- and/or part-time
staff in 2013.
Following historical trends,
credit union employees are
predominately female.
Among CEOs leading
credit unions with $1 million to $35 million in assets,
females outnumber males
by nearly a 3-to-1 margin. The
likelihood that the CEO is
male generally increases
as asset size increases, reaching almost 50% at credit
23
million in assets.
In addition, at least 70%
of executive vice presidents,
chief financial officers, and
chief operations officers in
to $35 million in assets are
female.
Workweek
The average standard workweek for full-time employees
at credit unions with $1 million to $35 million in assets is
38.4 hours. Most credit unions
(63%) operate with 40-hour
workweeks.
On average, credit union
CEOs work 38.8 hours each
week. CEOs of credit unions
in assets have the shortest
schedules, averaging 25.1
hours weekly.
Hours of operation among
to $35 million in assets
average 35 hours a week for
walk-in business and 42
hours a week for drive-up
business.
Expenses
Operating expenses among
to $35 million in assets averaged $473,404 in 2012.
Salaries account for an average of 42% of total operating
expenses in credit unions with
assets of $1 million to $35 million, and benefits account for
an average 8.2%.
These credit unions spent
an average of $183,900 on
salary expenses in 2012.
The average salary expenses
increased with asset size,
from $29,626 among credit
unions with $1 million to
$2 million in assets to
$484,279 among those with
$30 million to $35 million
in assets.
Additionally, credit unions
averaged $47,829 in benefits
expenses in 2012. The average amount ranged from
$2,991 among credit unions
in assets to $135,643 among
those with $30 million to
$35 million in assets. Credit
unions spent an average of
$9,797 per full-time employee
on benefits in 2012.
When expressed as a
percentage of total gross
income, salary and benefits
expenses account for 34.5%
and 7.2% of that total, respectively.
Almost 65% of credit unions
with $1 million to $35 million in assets have a sponsor.
But few (no more than 3% of
those with sponsors) report
that their sponsor pays for any
portion of the credit union’s
salary or benefits expenses.
Only 3% of responding
credit unions report their
employees are unionized.
Base salary
comparisons
The tables in this section illustrate the 2013 and 2012 average and median base salaries
for credit union positions.
While it’s helpful to observe
national trends, these comparisons are provided for informational purposes only.
These trends reflect the
prevalence of wage increases,
the incidence of turnover,
and, occasionally, competition for candidates to fill a
particular position.
As you review these tables,
please note:
n The increases (or decreases)
from year to year are based
on the aggregate of all salaries and don’t reflect individual wage increases. So don’t
use these figures to compute
annual salary/wage increases.
n Actual wage increases are
your best guide to annual pay
increase decisions.
Find average wage increases for management and nonmanagement employees in
the Executive Summary on
page 11.
Base salary comparisons
Management
President/CEO/manager
2013 Base salaries
2012 Base salaries
Average
Median
Average
Median
$59,906
$57,840
$57,883
$55,000
Executive VP or assistant manager
42,386
42,000
43,393
42,000
Chief financial officer
51,654
53,720
50,402
51,000
Chief operations officer
45,338
44,000
49,161
47,750
Loan VP or SVP
40,316
40,185
43,138
41,000
Branch operations VP/manager
41,115
41,080
41,254
38,000
Member services VP
36,060
35,000
35,619
37,440
$32,558
$32,000
$34,895
$34,000
Teller manager/supervisor
24
Nonmanagement
2013 Base salaries
2012 Base salaries
Average
Median
Average
Median
Head teller
$28,704
$28,000
$28,072
$28,000
Teller II/Sr.
27,523
27,706
27,146
27,040
Teller I
23,220
21,650
22,843
21,320
Member service representative II/Sr.
29,359
29,026
30,149
29,120
Member service representative I
24,654
24,000
24,676
23,046
EFT/ACH clerk
28,431
28,600
29,683
29,640
Loan officer II/Sr.
36,968
35,755
37,595
37,600
Loan officer I
32,058
31,000
31,630
30,700
Loan processor/clerk
27,643
26,520
27,508
27,540
Accountant
39,250
39,312
35,385*
34,320*
Accounting clerk
30,068
30,000
35,385*
34,320*
Small credit union generalist
$29,382
$27,867
Part-Time
2013 Base salaries
2012 Base salaries
Average
Median
Average
Median
$21.90
$20.00
$21.65
$20.00
Executive VP
17.62
17.00
16.45
15.00
Teller
11.20
10.50
11.07
10.25
Member service representative
10.04
10.00
12.26
11.75
$18.71
$15.30
$16.14
$14.25
Loan officer
*Accountant and accounting clerk were combined in 2012.
25
$27,648
$27,000
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cuna.org/takecharge
Salary Ranges and
Range Widths
Y
our credit union can use
salary range widths to
help compute or compare its
own salary ranges around a
chosen midpoint.
Note: The average mini-
mums, midpoints, and maximums of executive management formal salary ranges
tend to increase as assets
increase.
It’s important to look at
the appropriate asset
category when comparing
your credit union’s formal
salary ranges with national
averages. Find this data in
the data tables.
Salary range widths*
Full-Time
Minimum
Midpoint
Maximum
Spread on
either side of
the midpoint
20.2%
Management
$56,439
$70,687
$84,935
Executive VP or assistant manager
38,890
48,531
58,171
19.9
Chief financial officer
44,647
54,932
65,218
18.7
Chief operations officer
42,492
52,266
62,041
18.7
Loan VP or SVP
37,267
47,345
57,424
21.3
Member service VP
27,172
33,500
39,827
18.9
$27,456
$33,033
$38,609
16.9%
Head teller
$23,554
$28,175
$32,796
16.4%
Teller II/Sr.
19,858
24,220
28,581
18.0
Teller I
19,335
23,318
27,301
17.1
Member service representative II/Sr.
24,248
30,180
36,111
19.7
Member service representative I
22,119
26,552
30,986
16.7
EFT/ACH clerk
22,322
26,639
30,956
16.2
Loan officer II/Sr.
28,547
35,192
41,837
18.9
Loan officer I
26,290
31,834
37,379
17.4
Loan processor/clerk
23,383
28,180
32,977
17.0
Accountant
31,420
38,050
44,680
17.4
$23,918
$29,717
$35,515
19.5%
Minimum
Midpoint
Maximum
Spread on
either side of
the midpoint
$9.28
$10.55
$11.82
12.0%
$10.13
$12.32
$14.51
17.7%
Teller manager/supervisor
Nonmanagement
Accounting clerk
Part-Time
Teller
Member service representative
*Limited to CUs with $1 million to $35 million in assets; and to CUs with established minimums, midpoints, and maximums for
each job position.
Note: Data not available for branch operations VP/manager, small credit union generalist, part-time CEO, part-time EVP/assistant
manager, part-time executive secretary/administrative assistant, and part-time loan officer.
27
How to Use the Data Tables
T
he average salaries
for most credit union
positions tend to increase
as credit union asset size
increases.
This also is true for the average minimums, midpoints,
and maximums of formal salary ranges; average incentives;
bonuses; total variable pay;
and total cash compensation
(base pay plus incentives and/
or bonuses).
Therefore, it’s important to
look at the appropriate asset
category when evaluating
your credit union’s compensation figures.
Asset size also closely correlates with the number of
members, full-time employees, services offered, and
loans outstanding. Salaries
tend to increase as these
measures of credit union size
increase.
The average salaries of
credit union executive management employees tend to
vary by region. In addition to
obvious differences in the cost
of living, part of this variation
results from asset size variation
among credit unions within
each region.
28
Because larger credit
unions are more likely than
smaller ones to have employees with college degrees filling the positions discussed in
this report, credit union asset
size also inflates the relationship between management
salaries and educational
attainment.
Evaluating management salaries
The “overall” salary figures in
this report shouldn’t be used
to establish manager/CEO or
other management salaries
in your credit union. While
“overall” average salaries
are useful to glean industry
trends, these averages can be
misleading because they’re
composite values. They overstate the pay levels in small
credit unions and understate
pay levels in large credit
unions.
In addition, these averages
reflect the incidence of the
various positions in credit
unions of different asset sizes.
For example, chief information officers (CIO) have higher
average salaries overall than
other executive managers
because they’re more common among larger credit
unions.
When salaries are compared within asset categories, CIO salaries actually often
are lower than those for
other executive management
positions.
Instead of looking at overall salaries, follow these four
steps:
1. Compare salaries by
duties performed rather than
by job title, because credit
union job titles vary substantially. Job descriptions follow
the data tables for each job
title. Before using a particular job title, look at the job
description for that position
to see if it fits.
You might not find a perfect
match, so use the job title
with the job description that
comes closest to the position
you’d like to compare. If the
position spans the duties of
more than one title, choose
the title associated with the
duties performed the majority of the time or the highest
level of responsibility, if the
position involves manage-
ment or supervisory functions.
2. Find the salary for your
credit union’s asset size
group within the appropriate
table. Assets are the most
important determinant of
salaries for management.
3. Base your comparisons
on the average or choose
one of the percentiles. (Salaries line up from lowest to
highest—from 1 to 100. For
example, the 25th percentile
is the 25th in line from the
lowest salary level; 75% of the
salaries are higher than this
salary level.)
Top performers in similar credit unions generally
receive salaries in the 75th or
90th percentile. On the other
hand, for a poor performer,
use the 25th percentile as a
basis for comparison.
In addition, you can use
the percentiles to reflect your
credit union’s market pricing strategy. For instance, if
your credit union pays above
market for the position, you
should use the 75th or 90th
percentiles. Conversely, use
the 25th percentile for a
below-market strategy. You
can use the average or the
29
median for a meet-the-market
strategy.
The average salary is a simple arithmetic average. The
median is the 50th percentile.
The average can be skewed
by very low or very high salaries. If there is a substantial
difference between the average and median, the median
is the more reliable figure.
4. Adjust the appropriate
salary for geographic location. Look at the salary increments by community size
and main office location in
the lower panels of the table.
Generally, geographic
adjustments are small compared with the changes
between asset groups. If the
salary for your geographic
area differs by more than
10% from the salary you
chose for comparison, adjust
the salary appropriately.
Evaluating nonmanagement salaries
For nonmanagement personnel, the “overall” salary
figures will sometimes meet
your needs—particularly for
entry-level jobs. But make
sure you examine differences
by assets and geographic
location.
Follow these four steps:
1. Compare salaries by
duties performed rather than
by job title because, just as
with management positions,
job titles vary substantially.
Use the job descriptions to
ensure a good fit. Generally,
80% comparable duties is
considered a good match.
You might not find a perfect match; use the job title
with the job description that
comes closest to the position
you’d like to compare. If the
position spans the duties of
more than one title, choose
the title associated with the
duties performed the majority
of the time.
2. Look first at the “overall”
average salary, then at the
average salary in your credit
union’s asset size group,
within the appropriate table.
If the average salary for your
asset group differs by 10% or
more from the overall average salary, use the salary for
your asset group.
3. Base your comparisons
on the average, 25th, 50th,
75th, or 90th percentiles.
As with management salaries, you can use these pay
levels to differentiate high
performers and low performers, as well as to reflect your
credit union’s market pricing
strategy.
4. Adjust the appropriate salary for geographic
location. Look at the salary
increments by community
size and main office location
in the lower panels of the
table.
Generally, these adjustments are small compared
with the changes between
asset groups. If the salary for
your geographic area differs
by more than 10% from the
salary you chose for comparison, adjust the salary
appropriately.
Reading data tables
Here are explanations of the
terms used in the data tables:
n N refers to the number of
responding credit unions,
which is displayed in all
tables. Insufficient data is
noted in categories where
low participation compromis-
30
es the validity and confidentiality of the information.
n Overall refers to all
credit unions responding;
the various subcategories
include only the responding
credit unions within those
categories.
n Average refers to a simple
arithmetic average.
n Percentiles illustrate the
range of pay when ranked
from lowest to highest.
The 25th percentile is the
25th from the bottom, while
the 75th percentile is the
75th from the bottom.
n Median refers to the 50th
percentile, or the midpoint
when pay is ranked from lowest to highest.
n Salaries refer to annual base
salaries excluding incentives,
bonuses, and other forms of
pay.
n Incentives are rewards
based on preset performance
criteria, in addition to base
pay. Only those credit unions
reporting an incentive payment factor into the average.
n Bonuses are after-the-fact
rewards for a job well done,
in addition to base pay.
Only those credit unions
reporting a bonus payment
factor into the average.
n Variable pay refers to
the sum of incentive plus
bonus pay. The average total
variable pay doesn’t equal
the average bonus plus the
average incentive because
many credit unions provide
only one type of variable
pay.
n Total cash compensation refers to base pay plus
variable pay.
n Salary ranges refer to
formal salary ranges—
established minimums,
midpoints, and maximums
for each position—not the
highest and lowest salary
paid to job incumbents.
n Number of branch offices
is an independent variable
included in the data tables.
This variable includes the
main branch. Thus, “1”
means there are no branch
offices.
n Region is an independent
variable included in the data
tables. The data tables’
footnotes and the “About
the Regions” section on
p. 7 explain the regional
divisions.
D E V E L O P
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List of Data Tables
Full-Time Management
2-7
1-1
President/CEO/Manager Salaries
37
1-2
President/CEO/Manager Incentives
and Bonuses Where Offered
38
President/CEO/Manager Total
Cash Compensation
39
by Years in Position
40
by Total Years of Experience
40
by Main Office Location
41
1-7
President/CEO/Manager Education
43
1-8
by Level of Education
43
President/CEO/Manager Years
at Credit Union
43
1-10 President/CEO/Manager Salary
Range Averages
44
1-11 President/CEO/Manager Age
44
1-12 President/CEO/Manager Sex
44
1-13 President/CEO/Manager Has Written
Employment Contract
45
1-3
1-4
1-5
1-6
1-9
Executive VP or Assistant Manager
Salaries by Level of Education
51
Salary Range Averages
51
3-1
Chief Financial Officer Salaries
53
3-2
Chief Financial Officer Incentives
54
Chief Financial Officer Total
Cash Compensation
55
56
56
3-6
Chief Financial Officer Education
56
3-7
57
4-1
Chief Operations Officer Salaries
59
4-2
Chief Operations Officer Incentives
60
Chief Operations Officer Total
Cash Compensation
61
62
62
4-6
Chief Operations Officer Education
62
4-7
63
5-1
Loan VP or SVP Salaries
65
5-2
Loan VP or SVP Incentives and
Bonuses Where Offered
66
Loan VP or SVP Total Cash Compensation
67
2-8
3-3
3-4
3-5
4-3
4-4
2-1
Executive VP or Assistant Manager Salaries
2-2
Incentives and Bonuses Where Offered
2-3
2-4
2-5
2-6
Total Cash Compensation
47
4-5
48
49
Salaries by Years in Position
50
Salaries by Total Years of Experience
50
Education
50
32
5-3
5-4
68
68
5-6
Loan VP or SVP Education
68
5-7
69
6-1
Branch Operations VP/Manager Salaries
71
6-2
Branch Operations VP/Manager
72
73
Salaries by Years in Position
74
Salaries by Total Years of Experience
74
6-6
Branch Operations VP/Manager Education
74
6-7
Salaries by Level of Education
75
7-1
Member Service VP Salaries
77
7-2
Member Service VP Incentives
78
Member Service VP Total
Cash Compensation
79
80
80
7-6
Member Service VP Education
80
7-7
81
5-5
6-3
6-4
6-5
7-3
7-4
7-5
8-5
Teller Manager/Supervisor Salaries
86
8-6
Teller Manager/Supervisor Education
86
8-7
87
Teller Manager/Supervisor Salary
Range Averages
87
8-8
Full-Time Nonmanagement
9-1
Head Teller Salaries
89
9-2
Head Teller Incentives, Bonuses,
and Total Cash Compensation
90
10-1 Teller II/Sr. Salaries
92
10-2 Teller II/Sr. Incentives, Bonuses,
93
11-1 Teller I Salaries
95
11-2 Teller I Incentives, Bonuses, and
96
12-1 Member Service
Representative II/Sr. Salaries
98
12-2 Member Service
Representative II/Sr. Incentives,
Bonuses, and Total Cash Compensation
99
13-1 Member Service Representative I Salaries
101
13-2 Member Service Representative I Incentives,
102
14-1 EFT/ACH Clerk Salaries
104
14-2 EFT/ACH Clerk Incentives, Bonuses,
105
8-1
83
8-2
Teller Manager/Supervisor Incentive
84
15-1 Loan Officer II/Sr. Salaries
107
Teller Manager/Supervisor Total
Cash Compensation
85
15-2 Loan Officer II/Sr. Incentives,
108
86
16-1 Loan Officer I Salaries
110
8-3
8-4
33
16-2 Loan Officer I Incentives, Bonuses,
111
17-1 Loan Processor/Clerk Salaries
113
17-2 Loan Processor/Clerk Incentives, Bonuses,
114
18-1 Accountant Salaries
116
18-2 Accountant Incentives, Bonuses, and
117
19-1 Accounting Clerk Salaries
119
19-2 Accounting Clerk Incentives,
120
20-1 Small Credit Union Generalist
Position Salaries
122
20-2 Small Credit Union Generalist
Position Incentives, Bonuses, and
123
25-1 Part-Time Loan Officer Hourly Wage
133
25-2 Part-Time Loan Officer Incentives
134
Part-Time Management & Nonmanagement
21-1 Part-Time President/CEO/Manager
Hourly Wage
125
21-2 Part-Time President/CEO/Manager
126
22-1 Part-Time Executive VP or
Assistant Manager Hourly Wage
127
22-2 Part-Time Executive VP or Assistant Manager
128
23-1 Part-Time Teller Hourly Wage
129
23-2 Part-Time Teller Incentives and
130
24-1 Part-Time MSR Hourly Wage
131
24-2 Part-Time MSR Incentives and
132
34
Committed. Loyal.
Productive.
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fully-engaged employees have
a lower turnover risk, higher
productivity levels and are more
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the way your staff interacts with
each other — and your members.
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Satisfaction or Engagement
Survey today to identify areas
for improvement to ensure the
best member experience.
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Satisfaction
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List of Job Descriptions
President/CEO/Manager
46
52
Chief Financial Officer
58
Chief Operations Officer
64
Loan VP or SVP
70
76
Member Service VP
82
Teller Manager/Supervisor
88
Head Teller
91
Teller II/Sr.
94
Teller I
97
Member Service Representative II/Sr.
100
Member Service Representative I
103
EFT/ACH Clerk
106
Loan Officer II/Sr.
109
Loan Officer I
112
Loan Processor/Clerk
115
Accountant
118
Accounting Clerk
121
Small Credit Union Generalist
124
36
C U N A ST A F F SALARY REP O RT • LESS TH A N $35 MILLI O N IN ASSETS
37
38
39
40
41
42
43
44
45
TITLE:
REPORTS TO: Board of Directors
Purpose
Plan, direct, and control all credit union activities in accordance with credit union plans, policies, directives, and activities
as established by the board of directors. Responsible for ensuring financial stability and member satisfaction
commensurate with the best interest of the members, the employees, and the credit union. Provide strategic direction,
vision, leadership, and management in all functional areas.
Duties and Responsibilities
1. Direct all credit union operations, which include planning and implementing programs, policies, and procedures.
2. Individually and/or through subordinates, provide strategic and/or administrative direction and management in all
credit union functions to include: accounting, ALM, business development, compliance, facility management,
finance, human resources, investments, lending, marketing, operations, retail services, risk management, and
security.
3. Manage the day-to-day operation of the credit union and establish office procedures to use staff and facilities
most efficiently, to promote products and services, to provide outstanding member service, and to achieve the
goals of the credit union.
4. Develop, recommend, and implement financial policies and procedures.
5. Analyze work flow of the credit union on a continuous basis and make changes to improve efficiency and reduce
cost.
6. Ensure that the credit union is in compliance with the federal laws and regulations set forth by the National Credit
Union Administration and other State and Federal regulatory agencies.
7. Recruit and select quality applicants for management vacancies, ensuring that the credit union is adequately
staffed with competent employees.
8. Supervise a budget for the credit union that is consistent with the overall strategic plan.
9. Evaluate the job performance of credit union management to ensure quality service to members.
10. Conduct management meetings on a regular basis to insure the dissemination of information exchange of ideas,
resolution of problems, discussion of trends, etc. Ensure that information is communicated throughout the credit
union.
11. Ensure adequate equipment, supplies, and working space is available.
12. Conduct business development activities to promote the growth and development of the credit union. Build
positive relationships with the field of membership, and with appropriate trade associations and organizations.
13. Provide direction to the Board on compensation philosophy. Plan and recommend appropriate wage and salary
structure in accordance with that philosophy.
14. Plan and oversee the employee benefits program, balancing internal demands, equity in the marketplace, and
costs.
15. Manage security and safety for the credit union, with responsibility to analyze security and safety policies and
procedures, and to alert staff of any changes in a timely manner.
46
47
48
49
50
51
TITLE:
REPORTS TO: President/CEO/Manager
Purpose
Responsible for assisting the credit union President/CEO/Manager in the overall management of the credit union.
As a member of the senior management team, responsible for ensuring financial stability and member satisfaction
commensurate with the best interest of the members, the employees, and the credit union. Provide input on
strategic direction and vision to the CEO.
1. Direct and supervise the operational management of credit union employees on a day-to-day basis.
2. Work with the President in identifying trends in the industry, instituting new programs or products, and
evaluating products and services.
3. Recruit and select quality applicants for vacancies, ensuring that the credit union is adequately staffed with
competent employees.
4. Maintain a highly motivated, well-trained staff.
5. Establish and maintain effective employee relations.
6. Assist in the preparation and implementation of the budget for the credit union that is consistent with the
overall strategic plan.
7. Develop, apply, and evaluate policies and procedures for the credit union.
8. Develop, implement, and maintain operational procedures to maximize efficiency and quality of work and
provide consistent quality service to members.
9. Evaluate the job performance of credit union staff to ensure quality of work and service to members.
Institute performance standards for staff in order to achieve strategic goals.
10. Hold periodic staff meetings. Identify areas for improvement, changes in procedures, new developments, or
changes in services. Keep staff up to date on trends, exchange of ideas, and general credit union
information.
11. Attend board meetings and report on assigned areas of responsibility as requested by the president.
12. Review and develop strategic plans in relation to the overall goals of the credit union.
13. Work with the auditor to ensure compliance with internal controls.
14. Ensure that the credit union is in compliance with the federal laws and regulations set forth by the National
Credit Union Administration and other regulatory agencies.
15. Assume all responsibilities of the credit union President/CEO/Manager in his or her absence.
52
53
54
55
56
57
TITLE:
REPORTS TO: President/CEO/Manager
Purpose
Direct and manage all practices and activities in the Finance and Accounting functions to ensure compliance with
State and Federal rules and regulations. Manage auditing, accounting, and recordkeeping activities of the credit
union to ensure they meet generally accepted accounting practices (GAAP). Make recommendations relating to
budget preparation, income forecasts, and operational changes as needed.
1. Directly or through subordinates, oversee and manage the financial and accounting functions of the credit
union to include: ALM, AP, AR, budgets, collections, GL, financial analysis, financial reporting and
recordkeeping, investments, payroll, and taxes.
2. Develop, implement, and evaluate policies and procedures for the Accounting/Finance Department. Ensure
that policies and procedures reflect current regulations and are communicated to and implemented by
subordinates.
3. May direct and supervise development, production, promotion, and sale of the credit union’s products and
services.
4. Present monthly reports to the board of directors and senior management.
5. Participate in determining deposit and loan rates.
6. Provide guidance regarding investment decisions.
7. Serve as trustee of the credit union’s pension plan.
changes in services. Keep staff up to date on trends and general credit union information.
9. Assist with lease negotiation and major purchasing decisions for capital equipment or other capital asset
expenditures.
10. Provide direction for planning model runs.
11. Assist in analysis of new branch site locations and closings of existing branches.
12. Develop, perform, and oversee various internal audit procedures, i.e. cash counts, teller drawer audits,
review of employee accounts, loan documentation, wire transfers, etc.
13. Serve as the credit union’s liaison with regulatory agency examiners and auditors.
58
59
60
61
62
63
TITLE:
REPORTS TO: President/CEO/manager
Purpose
Responsible for assisting the credit union President/CEO/Manager in the overall management of the credit union.
Has direct responsibility for the administration and supervision of front end and back end operations and branch
activities within established policies and guidelines.
1. Assist in directing all credit union operations, which include planning, recommending, and implementing
programs and policies, and providing general administrative direction.
2. Manage daily operation of credit union and establish office procedures.
3. Analyze various statistics and the use of technology in all areas of operation and make recommendations for
the efficient operation and growth of the credit union.
4. Ensure adequate equipment supplies and working space is available.
5. Ensure that the president is kept fully informed on the conditions and operations of the credit union and of all
important factors influencing them.
6. Maintain daily contact with branch managers, providing support, input, feedback, and guidance concerning
their daily operations.
7. Monitor branch activity, including number of transactions, volume, teller errors, loan volume, teller and loan
personal sales, and new accounts.
8. Develop, implement, and maintain operational procedures to maximize efficiency and quality of work and to
provide consistent quality service to members.
changes in services or products. Keep staff up to date on trends and general credit union information.
10. Oversee hiring, promotions, transfers, terminations, and other changes in status of assigned employees.
11. Evaluate the job performance of subordinates to ensure quality of work and service to members.
12. Attend board meetings and report on assigned areas of responsibility as requested by the president.
13. Manage and recommend the purchase of equipment and supplies.
64
65
66
67
68
69
TITLE:
REPORTS TO: President/CEO/Manager or Executive VP/Assistant Manager
Purpose
Participate in strategic planning and the development of credit union policies, procedures, and goals. Responsible
for the credit union’s administrative management of loan functions. Develop and implement consistent
organizational policies and procedures that comply with external regulations. Support and lead commercial loans,
residential mortgage department, indirect lending, and centralized lending. Ensure maximum profitability of lending
activities that are also in the best interest of the member.
1. Participate in the credit union’s long- and short-term strategic planning.
2. Set the Loan Department’s strategic plans to align with the credit union’s business plan. Establish and
ensure the implementation of target goals for the department.
3. Communicate credit union goals and direction with all employees to ensure clear understanding of rules,
regulations, requirements, and expectations.
4. Create the budget for department and track on an ongoing basis for adherence.
5. Develop, implement, and monitor policies and procedures in accordance with credit union goals and
strategies. Work with other departments to maintain consistency in credit union policies and procedures.
6. Oversee and monitor the loan function to achieve its strategic goals. Direct the work of loan managers in all
lending areas to include underwriting, loan processing, loan documentation, and approval or denial of loans
for consumer, mortgage, or business loans.
7. Oversee the development and monitoring of performance standards. Provide mentoring, coaching, or
training to support and develop managers and staff.
8. Research and evaluate feasibility of new lending products. Develop and implement plans for expansion of
lending programs. Keep abreast of changes in the industry and changing trends in lending and react to
changes in a way that maintains competitiveness.
9. Work with loan managers and members on complex issues to prevent loss to the credit union and support
the membership.
10. Represent and promote the credit union at external functions.
70
71
72
73
74
75
TITLE:
REPORTS TO: Executive VP/Assistant Manager
Purpose
Direct all aspects of the operations of multiple branches to ensure effective and efficient operations, quality of
member service, and compliance with existing regulations and policies for each location. Participate in the strategic
planning and management of credit union branches.
1. Participate in the credit union’s long- and short-term strategic planning as it relates to branch operations.
2. Establish strategic planning parameters and monitor compliance with goals and objectives.
3. Communicate goals and direction with branch managers to ensure clear understanding of rules, regulations,
requirements, and expectations.
4. Implement and monitor procedures to comply with credit union policies and governmental rules and
regulations. Work with other department heads to maintain consistency in credit union policies and
procedures. Develop and apply new policies and procedures for branch operations.
5. Ensure the security and safety of each branch.
6. Hire and oversee branch managers directly and branch staff indirectly. Maintain a well-trained, highly
motivated staff.
7. Prepare budget for branches and ATM networks and track on an ongoing basis for adherence.
8. Oversee the development and monitoring of performance standards. Provide mentoring and coaching to
support and develop managers and staff.
9. Develop and/or assist in the development of training for branch personnel.
10. Oversee the lending functions of the branches through branch managers. Monitor adherence to sound credit
practices and administration policies.
11. Assist branch managers in resolving complex member complaints.
12. Keep abreast of changes in the industry and changing trends in lending and react to changes in a way that
maintains competitiveness.
76
77
78
79
80
81
TITLE:
REPORTS TO: Chief Operations Officer or Executive Vice President or CEO
Purpose
Manage the administrative and member service activities of the credit union. This includes overseeing and directing
the activities of the main office, branch offices, and telephone information center. Ensure that all products and
services of the credit union are promoted and that quality member service is delivered to all members.
1. Responsible for all member service department and telephone information center personnel. Responsible
for hiring, mentoring, performance evaluations, scheduling, and training of these employees.
2. Assist in preparing the budget for the member service department and telephone information center.
Monitor the budget throughout its lifecycle for compliance.
3. Create, or assist in the creation of, policies and procedures for the member service function. Ensure that
policies and procedures reflect external rules and regulations and are communicated to, and implemented
by, all staff.
4. Respond to technical and operational questions or problems from credit union staff and make appropriate
referrals, recommendations, suggestions, etc.
5. Respond to complex or problematic member questions or problems as appropriate and ensure the highest
quality of member service and satisfaction.
6. May develop a sales program to cross-sell products.
changes in services or products. Keep staff up to date on trends and general credit union information.
8. Prepare and disseminate information pertaining to credit union trends, security issues, operations,
regulations, and services to department staff on a regular basis.
9. Conduct or assist in conducting market research on industry trends. Recommend programs and projects
beneficial to the credit union and its members as a result of research, trends, member satisfaction surveys,
etc.
10. Responsible for the daily branch/ATM cash operation and adhering to the cash limits set by the board of
directors.
11. Responsible for the control, operation, and maintenance of automatic teller machines.
12. Consistently maintain and improve skills and knowledge for efficient service delivery.
82
83
84
85
86
87
Purpose
88
89
90
Purpose
91
92
93
Purpose
94
95
96
Purpose
97
98
99
Purpose
100
101
102
Purpose
103
104
105
Purpose
106
107
108
TITLE:
REPORTS TO: Loan VP/SVP
Purpose
Provide information on credit union products and services to members in accordance with credit union policies and
procedures and State and Federal rules and regulations. Responsible for interviewing and evaluating applicants for
loans and processing various loan applications. Gather background information and analyze loan applicants’ credit
history. Approve or deny loan applications based on analysis. Operate with substantial credit authority.
1.
Gather background information on loan applicants by interviewing loan applicants and obtaining credit
bureau reports. Handle loans of highest complexity, value, or risk.
2.
Assist members with the loan application process to ensure completeness of information.
3.
Pull credit reports for all accounts, verify debts, estimate monthly payments for any outstanding debts not
listed and add them to debts on application.
4.
Calculate debt-to-income ratios on loan applicants, and calculate how much of a loan applicant’s debt is
secured or unsecured.
5.
Complete loan applications over the phone and/or electronically.
6.
Determine collateral needs and payment plans for members applying for loans.
7.
Determine eligibility of loan co-maker from co-maker’s statement and credit rating.
8.
Approve or deny loan applications.
9.
When a loan is denied, explain reasons for denial in a professional, courteous manner. Work with member
to provide recommendations or alternative options for other possible ways to secure a loan in future.
10.
Verify the accuracy of loan amounts and repayment terms on approved loan applications.
11.
Complete loan documents and disburse loans when approved.
12.
Implement new loan products and services in accordance with management direction.
13.
Cross-sell lending and other credit union products.
14.
May be responsible for training of new loan officers. Will provide assistance or guidance to less senior loan
officers.
109
110
111
TITLE:
REPORTS TO: Loan VP/SVP
Purpose
Provide information on credit union products and services according to all credit union policies and procedures and
Federal and State rules and regulations. Responsible for interviewing and evaluating applicants for routine loans
and processing loan applications. Gather background information and analyze loan applicants’ credit history.
Approve or deny loan applications based on analysis. Operate with moderate credit authority.
1.
Gather background information on loan applicants by interviewing loan applicants and obtaining credit
bureau reports.
2.
Assist members with the loan application process to ensure completeness of information.
3.
Pull credit reports for all accounts, verify debts, and estimate monthly payments for any outstanding debts
not listed and add them to debts on application.
4.
Calculate debt-to-income ratios on loan applicants.
5.
Calculate how much of a loan applicant’s debt is secured or unsecured.
6.
Complete loan applications over the phone and/or electronically.
7.
Determine collateral needs and payment plans for members applying for loans.
8.
Determine eligibility of loan co-maker from co-maker’s statement and credit rating.
9.
Approve or deny loan applications.
10.
When a loan is denied, explain reasons for denial in a professional, courteous manner. Work with member
to provide recommendations or alternative options for other possible ways to secure a loan in future.
11.
Verify the accuracy of loan amounts and repayment terms on approved loan applications.
12.
Complete loan documents and disburse loans when approved.
13.
Implement new loan products and services in accordance with management direction.
14.
Cross-sell lending and other credit union products.
112
113
114
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Staff Salary Report - Utah`s Credit Unions

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