CCUL Survey: Average CU Pay in California, Nevada Up 4.15% in 2003

RANCHO CUCAMONGA, Calif. – The California Credit Union League released the results of its 2004 Credit Union Staff Compensation Survey, and the results provide an interesting insight into some human resource practices of credit unions in California and Nevada. Survey data show salary increases for management and non-management employees at California credit unions averaged 4.35% in 2003 and 3.95% at Nevada CUs, for a two-state average increase of 4.15%. Although comparable statistics for CEO pay were unavailable, the CCUL survey found that the average CEO pay among California and Nevada CUs that responded to the survey was $112,171 – up 12.7% from the average of $99,568 that was reported in the 2002 survey. Average non-management salaries increased 4.3% in California CUs and 4.4% for management salaries. In Nevada, non-management salaries rose 3.8% while management pay went up 4.1% The study also found that 91% of California and Nevada CUs both offer hospital/medical insurance and dental insurance to full-time employees. About three-quarters offer these benefits to both full-time employees and their families. In addition, 92% of CUs offer retirement or pension plans; 86% provide prescription drug coverage; 85%, life insurance; 82%, optical insurance; 73%, long-term disability insurance; 66%, educational assistance; and 48% offer flexible spending accounts. Since 2002, the survey found that credit unions in both states are more likely to offer dental, life, optical insurance, prescription drug coverage, retirement or pension plans, educational assistance, long-term disability insurance, and flexible spending accounts. Concerning employee turnover, the survey separated employees into six groups – teller/cashier, clerical, multi-task (employees at CUs with $23 million or less in assets who perform a variety of jobs), mid-management, senior management and other – and found that tellers have the highest turnover rate – 57% on average were on their jobs throughout 2003. In addition, results show that as a CU’s assets increase, teller turnover tends to increase. The only exception to this was for CUs with less than $5 million in assets which had consistently higher turnover rates than other asset groups in all the employee groups. Clerical staff had an average turnover rate of 20%; mid-management, 13%; multi-task employees, 23%, and senior management had an average 9% turnover rate. The study questionnaire was sent to all League-member credit unions in California and Nevada. Results are based on a 42% response rate. -