Compensation is key in today’s job market
The U.S. has moved into 2019 with historic lows in unemployment. While this is fantastic news for you and your members, it also means that competition is tighter than ever when it comes to recruitment.
So what can credit unions do to set themselves apart from competing institutions when it comes to drawing in talent? While the opportunity to make a difference in their community is certainly an appealing factor for many, prospective employees also need financial reassurance. This means competitive salaries and comprehensive benefits packages are important considerations.
The power of financial security
The compensation your organization offers influences both recruitment and retention, but there’s more to it than that. Competitive salaries can go a long way towards your staff’s financial well-being. Not only is this core to credit union values, but employees who feel confident about their financial health are able to become more fully engaged within their organizations.
A more financially healthy workplace benefits everyone and bolsters your recruitment possibilities even more than compensation packages alone. Fulfilled, secure staff are some of the most valuable promoters you have, and prospective talent will respect your organization’s genuine commitment to credit union principles.
Where to start
Of course, it can be difficult to discern what exactly constitutes a competitive salary in 2019. Fortunately, you have several resources at your disposal.
CUNA Compensation Analytics and the CUNA Staff Salary Report are among the most comprehensive options available with information specific to the credit union industry. You can easily compare your organization with data from credit unions nationwide, covering over 85 job titles, and quickly sort information based on qualities like asset size and region. This data can help determine if and what changes could be made to ensure the success of your employees and your credit union.
For more details on compensation tools provided by CUNA, visit cuna.org/compensation.