High (Employee) Fidelity

Ten leaders in annualized salary and benefits per full-time employee.

 
 

Millions of dedicated credit union employees, Board members, and volunteers around the nation are living proof that effective messaging, and a belief in the values an institution stands for, hold just as much sway as financial incentives.

Twelve-month growth for salaries and benefits trended downward in 2010 at 1.2% annualized growth, with efficiency and protecting membership value a high priority. Money can’t buy happiness, but it can be an additional way for credit unions to reward and incentivize their productive workers and attract the leadership necessary to take the institution to the next level.

Although their size and business models vary, these institutions' commitment to their members' best interest remains a shared trait. Here are the industry leaders for annualized salary and benefits per full-time employee.

Leaders in Salary & Benefits per FTE Employee*
Data as of June 30, 2010 | Credit Unions over $20M in Assets
Rk Credit Union St Avg Salary & Benefits per FTE Employee* Total FTE
Employees		 Revenue
per FTE Employee*		 Total Assets
1 PROGRESSIVE NY $205,310 22 $1,665,801 $607,283,782
2 STATE CENTRAL WI $155,164 42 $107,827 $69,041,723
3 REALTORS MD $140,988 18 $137,944 $72,709,038
4 MELROSE NY $139,109 63 $1,142,617 $1,279,162,522
5 STAR ONE CA $127,448 164 $1,147,457 $5,240,381,871
6 SAN JOAQUIN POWER EMPLOYEES CA $126,539 6 $924,787 $116,735,498
7 HOBOKEN SCHOOL EMPLOYEES NJ $125,303 4 $501,887 $41,376,690
8 FRESNO POLICE DEPARTMENT CA $124,853 7 $408,653 $42,721,359
9 INDUSTRIAL MA $123,266 9 $643,138 $135,114,957
10 PAHO-WHO DC $120,293 10 $658,835 $179,212,616
 

 

 

Feb. 3, 2011

Comments

 
 
 
  • Different strokes for different folks. There are some standard business models within the credit union industry. These credit unions’ business models are more specialized.

    They have fewer members to serve or serve them in different ways than the majority of credit unions in the industry. Nearly all of them have one or two branches.

    Star One has 5, but its peer group average is 23. This limits the number of low-salary employees so the average salary and benefits number displayed above is more accurate for middle and executive management. The majority of these credit unions are located in metropolitan or high cost of living areas, which also inflates the average. Expertise, business model, and geography all play a role in this metric.
    Callahan & Associates
     
     
     
  • I can see why these are the leaders in compensation. If truly the average total compensation per FTE for these organizations ranges from $120,293 to $205,310, they should have no shortage of applicants for open positions; however, at this pay, I can't see that anyone would ever leave voluntarily. Am I missing something?
    Gerene Sayre
     
     
     
 

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