2 minutes
From the editor
When it comes to compensation, more is more. CUES’ latest data on credit union compensation is in, showing an average 7.3 percent increase in base salary plus bonus for credit union CEOs in 2017.
That is quite a bit higher than the national average. As we report in our cover story, “Cruising Speed,” the average raise across all positions and industries was 3 percent last year (worldatwork.org). For CEOs, the average was 5 percent, according to an Equilar study.
The CUES Executive Compensation Survey also shows pay increases for 17 other credit union executive positions in 2017, ranging from a 2 percent to an almost 9 percent increase.
“If you’ve had five years of steady salary increases, even a 5 percent increase in bonus based on salary is still really good. It’s based on a much larger number than where we were five or six years ago,” says Michael Becher, CPA, vice president of Industry Insights, Dublin, Ohio, which administers the CUES survey.
Staying up to date on industry compensation trends is a key part of any succession plan, but especially one for CEO succession. Your credit union should consider salary scenarios for hiring an internal versus an external successor, as well as how much you are willing to pay to get top talent. Read all 10 steps for creating a strong succession plan in “Planning a Helpful Handoff.”
More is also more when it comes to CUES membership. CUES is rolling out its new 2019 membership options, with more benefits, more resources and more value. This translates to more opportunities to accelerate your team’s development and reach your credit union’s goals. Learn more at cues.org/2019membership.
Theresa Witham
Managing Editor/Publisher
***YOUR THOUGHTS***
Why do you think credit union execs continue to receive healthy pay increases? Email your answer to theresa@cues.org.
