The Credit Union Executives Society has provided timely industry compensation data for nearly 45 years. According to its most recent CUES® Executive Compensation Survey, pay among the industry's top employees is rising, albeit at a lower percentage than in previous years.
A total of 608 credit unions completed the survey between May 1, 2008 and April 30, 2009. For the 85% of participants that provided data in the previous year:
- 5.37% increased CEO base salary, compared to 7.11% in 2008 and 8.02% in 2007.
- 4.76% increased CEO base salary plus paid a bonus or incentive, compared to 7.34% in 2008 and 8.50% in 2007.
- 4.87% increased CEO total compensation, compared to 7.38% in 2008 and 8.81% in 2007.
During this time period, as in previous surveys, earnings, board evaluation, and loan growth were the top three factors in determining CEO bonus and incentive awards. Other credit union executives also received salary increases this year, but, again, at a lower percentage than in previous years. The average rate of increase for non-CEO positions was 5.64%.
CUES solicits data for its Executive Compensation Survey throughout the year, and the majority of contributing credit unions update salary figures at least once yearly. The survey includes representative compensation data for 14 executive-level positions.
CUES® Executive Compensation Survey and its sister product, CUES® Employee Salary Survey, are powered by compensation analysis and human resources consulting firm enetrix. Subscribers can access a monthly executive compensation report based on pre-determined asset sizes; they also have the option to pull data according to criteria such as retirement benefits, perks, and employment security. To participate in either survey, or for more information on CUES' surveys, visit survey.cues.org. To purchase survey results or to participate in either survey, contact CUES Survey Support at 866.508.0744 or e-mail firstname.lastname@example.org.