Benefit Costs Still Top CU HR Issue

WASHINGTON – With human resources topping the priority list of many credit unions, a NAFCU November Flash Survey reveals that rising benefit costs is the most challenging HR issue facing credit unions today. In addition, some 86% of responding credit unions indicate that they review salary, benefits and incentive programs annually, while the remaining 14% do so biannually. The survey also finds that 96% of credit unions do not offer signing bonuses to their employees. Section 529 college savings plans are offered by 19% of credit unions and only 11% of surveyed credit unions allow any of their employees to telecommute on a regularly scheduled basis. Rounding out the top four HR concerns are recruiting employees, retaining employees and compliance issues. With many credit union CEOs set to retire and the rate of executive turnover increasing across the country, 59% of credit unions report they have a formal succession plan in place.