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Allegacy Federal Credit Union headquartered in Winston-Salem, N.C., has increased starting hourly wages for entry-level employees in 2023 in an effort to "attract and engage talent."
In a statement from Allegacy ($2.1 billion in assets, 172,468 members), credit union officials said they upped the starting hourly wage from $15.50 per hour to $17 per hour. The wage hike will result in an annual pay of $33,150, up from $30,322.
The wage hike went into effect Tuesday and will have an immediate impact on 50 employees working as member service representatives, according to a statement from Allegacy.
Allegacy President/CEO Cathy Pace said, "The job market is ever-evolving, and we believe drawing in new talent will contribute to our ongoing success. Our strong and competitive wages, comprehensive benefits and career development opportunities make Allegacy a place to build a fulfilling career, not just a place to work."
According to data from the North Carolina Department of Labor, the average hourly wage in Winston-Salem is $15. Allegacy's hourly wage increase puts the credit union in the 75th percentile of businesses in the metro area.
"We want to ensure we do the right thing for our current and future employees," Pace said. "This wage increase not only strengthens our position in the marketplace, it rewards our dedicated teammates for their outstanding accomplishments."
Last year, a handful of credit unions around the country announced wage hikes.
In November, the $2.7 billion, Austin, Texas-based A+ Federal Credit Union raised its starting hourly wage to $20 for new and onsite employees. Other hourly wage hike announcements in 2022 included the $15.6 billion Randolph-Brooks Federal Credit Union in Live Oak, Texas ($20 starting pay), the $27.6 billion SchoolsFirst Federal Credit Union in Tustin, Calif. ($18 starting pay for all employees with increases of up to $27, and $20 starting pay for branch employees with increases of up to $31) and the $1 billion Notre Dame Federal Credit Union in Notre Dame, Ind. ($17 starting pay).
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
