You may not be looking to make drastic changes to your compensation packages with the coronavirus pandemic lingering, but making sure pay is equitable and fair should still be a strategic priority. Here are a few things to do to make sure that your credit union doesn’t fall behind in setting compensation and keeps pay fair for all employees.
Audit your pay and benefits packages
When did you last assess pay structures and benefits at your credit union? Chances are with everything that you’ve been handling in just the first half of this year, compensation may still be at the bottom of your to-do list. It’s time to start thinking about getting an audit on the calendar.
Before you start your next audit, review your process. Here are some questions to ask yourself:
While you already know resources like Bureau of Labor Statistics and even private companies like Glassdoor are effective starting points to analyze the market, have you considered drilling down to greater detail with credit union data? Every year, CUNA Staff Salary Report and CUNA Compensation Analytics offer a compilation of the latest industry-specific data on salaries and benefits packages to help credit union leaders benchmark their compensation strategy. Regardless of the resources that you use, you’ll want to make sure you have a process in place that helps you apply market pay consistently.
Align your HR policies and practices to promote pay equity
External market fairness is just one factor. Determining internal fairness is another. Set your focus on developing practices and policies that support your new compensation strategy by considering these factors:
One other way to help set equal and fair pay is to keep your job titles and job descriptions up-to-date and accurate reflections of the work performed in each role. Doing so can help you identify current equity gaps and prevent new issues as you recruit, promote or transfer employees. You can gather some of this information internally with guidance from the hiring manager, but you’ll still want to assess similar external roles, including those at other credit unions.
For credit union-specific data, CUNA Staff Salary Report and CUNA Compensation Analytics provide access to the most up-to-date, comprehensive information on job titles and job descriptions. This year, these resources contain a cost-of-labor multiplier that includes state multiplier and over 400 cities to calculate adjustments for your geography.
To learn more about these new features and view a complete listing of CUNA Compensation Resources, visit cuna.org/compensation.