CU Staff Pay Hikes Are Down (But Still Better than Average)

CUNA
October 14, 2004

The average pay increases given to credit union employees in 2003 continued to be slightly higher than the averages among corporations nationwide. However, pay increases for credit union employees continue to decline, according to the CUNA 2004 Complete CU Staff Salary Survey.

On average, credit union full-time management employees received a 4.12% pay increase in 2003, down from an average of 4.31% in 2002 and 4.83% in 2001. Full-time nonmanagement staff received an average pay increase of 3.82% in 2003, compared to 4.04% in 2002 and 4.36% in 2001.

U.S. employers gave their employees pay increases averaging 3.3% in 2003 and 2004. Average pay increases are expected to increase only slightly in 2005, according to Mercer Human Resource Consulting.

Although credit union pay increases are expected to decline, credit unions need to keep an eye on current economic conditions.

The survey indicates that "if the economy picks up as CUNA economists predict, credit unions may need to make adjustments in their salary budgets in the upcoming years."

The 600-page salary survey report contains salary information for 89 full-time and eight part-time positions common in credit unions. It also includes newly revised job descriptions, bank comparisons, and breakdowns by various peer comparison categories.

For more information or to order the survey, visit the CUNA website or call 800-356-8010, press 3, and ask for stock #25732-NW