Do Investments In HR Pay Off?

Two state leader tables show a link between employment and productivity trends.

 
 

Total Number Of Credit Union Employees
For all U.S. credit unions | Data as of December 31, 2013
© Callahan & Associates | www.creditunions.com

Source: Callahan & Associates’ Peer-to-Peer Analytics

The number of credit union employees has increased throughout the past three years. In 2012 and 2013, industry employment numbers increased 3.3% and 2.6%, respectively. The 2.6% annual growth in 2013 outpaced the 1.7% growth in total U.S. nonfarm payrolls.

 

Average Salary & Benefit Of Credit Union Employees
For all U.S. credit unions | Data as of December 31, 2013
© Callahan & Associates | www.creditunions.com

Source: Callahan & Associates’ Peer-to-Peer Analytics

Throughout the past five years, the growth in average salary and benefits for credit union employees has outpaced that of average U.S. employees. In 2013, the annual growth of credit union salary and benefits topped 2.0% and reached nearly $65,000.

 

Top 20 States In Employee Growth And Loan Growth
For all U.S. credit unions | Data as of December 31, 2013
© Callahan & Associates | www.creditunions.com

 

 
State
Employee Growth
 
State
Loan Growth
1 Idaho
10.1%
1
Idaho
17.1%
2 Virginia
9.2%
2
Rhode Island
14.9%
3 North Dakota
7.1%
3
Iowa
13.8%
4  Vermont
7.1%
4
Virginia
13.3%
5 New Hampshire
7.0%
5
Oklahoma
12.3%
6 Utah
5.9%
6
New Hampshire
12.2%
7 South Dakota
5.7%
7
Colorado
11.3%
8 Michigan
5.6%
8
Wyoming
11.0%
9 Arizona
4.7%
9
Utah
10.3%
10 Nevada
4.4%
10
Washington
9.6%
11 Pennsylvania
4.3%
11
Vermont
9.6%
12 Texas
4.2%
12
Texas
9.5%
13 Florida
4.1%
13
Ohio
9.3%
14 North Carolina
4.1%
14
New Mexico
9.3%
15 Washington
4.0%
15
Michigan
9.2%
16 Iowa
3.9%
16
Kansas
9.1%
17 Montana
3.9%
17
North Carolina
9.1%
18 Mississippi
3.9%
18
Alaska
9.1%
19 New Mexico
3.8%
19
South Dakota
8.8%
20 Oregon
3.8%
20
North Dakota
8.7%
  U.S. Credit Union Average
2.6%
 
U.S. Credit Union Average
7.9%


Source: Callahan & Associates’ Peer-to-Peer Analytics

Of the 20 states with the highest employee growth in 2013, 13 also make the list for top 20 states in loan growth. For example, Idaho holds the title for both the highest employee growth and the highest loan growth in 2013. Additionally, the eight credit unions with the highest employee growth are also among the top 20 credit unions with the highest loan growth.

 

Top 20 States In Average Salary & Benefit And Loan Originations Per Employee
For all U.S. credit unions | Data as of December 31, 2013
© Callahan & Associates | www.creditunions.com

 
State
Average Salary & Benefit
 
State
Loan Orginiations Per Employee
1 Alaska
$78,807
1
Virginia
2881696
2 California
$78,690
2
Utah
$1,943,099
3 District of Columbia
$76,745
3
North Dakota
$1,829,166
4 Virginia
$75,249
4
Colorado
$1,794,549
5 Maryland
$74,377
5
Iowa
$1,718,308
6 Connecticut
$72,564
6
Alaska
$1,709,254
7 New York
$71,923
7
Washington
$1,699,036
8 New Jersey
$71,752
8
Vermont
$1,603,699
9 Rhode Island
$71,434
9
Wisconsin
$1,599,004
10 Washington
$70,233
10
California
$1,572,401
11 Colorado
$67,525
11
Rhode Island
$1,503,982
12 Massachusetts
$67,515
12
New York
$1,453,283
13 Oregon
$67,455
13
Oklahoma
$1,424,508
14 New Hampshire
$67,360
14
Idaho
$1,405,965
15 Hawaii
$64,854
15
Massachusetts
$1,399,197
16 Illinois
$64,782
16
Oregon
$1,381,708
17 Georgia
$64,644
17
Illinois
$1,363,694
18 Minnesota
$64,189
18
South Dakota
$1,318,883
19 Nevada
$63,827
19
Minnesota
$1,309,515
20 Ohio
$63,642
20
New Hampshire
$1,277,804
  U.S. Credit Union Average
$64,965
 
U.S. Credit Union Average
$1,381,249


Source: Callahan & Associates’ Peer-to-Peer Analytics

More than half of the states that ranked in the top 20 for average salary and benefits in 2013 are also among the top 20 states for loan originations per employee. For example, Virginia credit unions ranked No. 4 with an average salary and benefit of $75,249 and ranked No. 1 in loan originations per employee.

 
 

April 28, 2014


Comments

 
 
 
  • The first two graphics of this article do not display. can you email the article with the graphics to me, please? Lorraine Kost Great Lakes Credit Union lorraine@glcu.org
    Lorraine Kost
     
     
     
  • Lorraine, I'm sorry for the inconvenience. Please check your email. Thanks!
    Janet Lee