CUNA Staff Salary Report Less Than $35 Million in Assets 2013-2014 Loyalty t Retention t Strategy Make an impact without breaking your budget. CUNA offers a wide selection of products and services to produce substantial results in credit union operations, outreach and profitability. Affordable Cost CUNA resources have been specifically selected for their capacity to fit within any budget. They’re not on sale or clearance — just affordable year round. High Impact Each individual CUNA resource is designed, organized and established with attention to detail by industry experts to produce a meaningful difference for credit union users and the movement. ® cuna.org/impact iStockphoto/Thinkstock 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 Vision U Goals U Strategy Design your ideal strategic planning toolkit. Set the vision for your credit union and develop your strategic planning goals with CUNA Environmental Scan (E-Scan) — the industry’s most robust strategic planning resource. Gain market insight and thought leadership with the full suite of tools: U E-Scan Report and App UÊE-Scan PowerPoint UÊE-Scan DVD U E-Scan Strategic Planning Guide U E-Scan Newsletter U E-Scan Research & Advice Portal Rely on CUNA E-Scan resources for year-round strategic planning – order today! CUNA E-SCAN Strategic Planning Research cuna.org/strategicplanning iStockphoto/Thinkstock © 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 CUNA STAFF SALARY REPORT tLESS THAN $35 MILLION IN ASSETS Survey Methods his report summarizes the representative responded to ensures that the results aren’t Tresults of a subsample of the survey. biased by a specific group of credit unions participating in CUNA Research monitored credit unions. the 2013-2014 CUNA Staff Sal- responses and, after three The salary, bonus, incentive, ary Report, an online survey weeks, sent another letter total variable pay, and total conducted by CUNA Research and printed survey to credit cash compensation averages in Madison, Wis., between unions that didn’t respond also were weighted by the January and April 2013. to the initial mailing, again number of employees in In January, CUNA Research requesting their participation each position. sent invitations to participate and providing instructions. This weighted average in the survey to 5,625 affili- About three weeks later, comes closest to the amount ated credit unions with $1 mil- a follow-up postcard and earned by the average lion or more in assets (based email went to sampled credit employee within each job on third-quarter 2012 NCUA unions that had not yet par- position, rather than what the 5300 Call Report data). ticipated in the survey. average credit union pays for A human resource (HR) By March 2013, the cutoff that specific job position. professional or the CEO/man- for inclusion in the report, CUNA Research asked ager at each credit union in CUNA Research received 717 credit unions to provide the sample received a letter usable surveys from the 3,190 compensation data effective with instructions for complet- credit unions with $1 million Jan. 1, 2013. In examining the ing the survey online. to $35 million in assets, a 22% data from responding credit For those credit unions with response rate. unions, staff verified extreme available email addresses, The data was stratified by outliers. If the data point the HR professional or CEO/ assets and weighted to adjust appeared to be an invalid manager received an email for the over- or under-repre- response, it was eliminated with the Web address and sentation of credit unions in from the final data set. instructions for completing any strata. Credit unions with estab- the survey. Weighting is a standard lished formal salary ranges As an incentive, credit survey analysis procedure were asked to report the unions were offered a dis- designed to increase the reli- minimums, midpoints, and count on the final report if a ability of the survey results. It maximums of their formal sal- 6 CUNA STAFF SALARY REPORT tLESS THAN $35 MILLION IN ASSETS 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 New the highest and lowest sala- England Pacific ries paid to job incumbents. West Middle CUNA Research included North Central Atlantic Mountain East only responses where the North Central South midpoint differed by less than Atlantic $2,000 from the average of the East minimum and the maximum of West South the formal salary range. South Central Central Because the sample was limited to credit unions with $1 million to $35 million Pacific in assets, all references to “credit unions” in the follow- ing summaries refer to that universe of credit unions. Based on a sample of 717 respondents, the maximum REGIONS Northeast = New England (ME, NH, VT, MA, RI, CT); sampling error for the overall Middle Atlantic (NY, NJ, PA) percentages is ± 3.2% at a Midwest = East North Central (OH, IN, IL, MI, WI); 95% confidence level. That is, West North Central (MN, IA, MO, ND, SD, NE, KS) in 95 of 100 similar samples, South = South Atlantic (DE, MD, DC, VA, WV, NC, SC, GA, FL); the overall percentages would East South Central (KY, TN, AL, MS); fall within 3.2 percentage West South Central (AR, LA, OK, TX) West = Mountain (MT, ID, WY, CO, NM, AZ, UT, NV); points of those observed in Pacific (WA, OR, CA, AK, HI) the data tables. 7 CUNA STAFF SALARY REPORT tLESS THAN $35 MILLION IN ASSETS Executive Summary Figure 1 ay increases appear to be 68% in 2010 and 71% in 2011. 2012 CU salary/benefit P back, as numerous studies A similar percentage (74%) actions* point to a rise in the number anticipate providing base pay Implemented salary/wage increases of organizations providing pay increases in 2013. 75% raises in 2012 and 2013. The The likelihood of giving pay Implemented salary/wage freezes 43 amount of pay increases is increases in 2012 increases Increased/implemented also growing, with increases of with the size of the credit bonus payments 12 about 3% projected for 2013. union. At least 90% of those Lowered/cut These trends, coupled with assets of $25 million to bonus payments with an increase in hiring, $35 million increased salaries/ 9 put pressure on all organiza- wages in 2012. Reduced or eliminated benefts tions to follow suit. They also In addition, credit unions 8 should spur credit unions overall—those with assets Increased/added employee to review their compensa- of $1 million or more—are contributions to benefts costs 7 slightly more likely than those tion programs and retention Increased or strategies. Those that aren’t with $1 million to $35 million added benefts rewarding their employees in assets to have provided sal- 7 Decreased potential competitively run the risk of ary/wage increases in 2012, annual salary/wage increases losing them to an employer at 80%. 6 who will. Further accentuating wage Increased potential annual salary/wage increases growth, the percentage 5 Salary and benefit of credit unions initiating Increased/added a wage freeze for at least potential incentives actions 4 some employees continues Lowered/cut In 2012, 75% of credit unions to decrease. In 2012, 43% of potential incentives with assets of $1 million to credit unions with assets of 1 Reduced/eliminated $35 million gave a salary/ $1 million to $35 million ini- employee contributions wage increase to at least tiated a wage freeze for at to benefts costs 1 some of their employees least some of their employ- Other (Figure 1).