GRAPH OF THE WEEK: Credit Union Hiring Spikes Amid Hot Job Market

Credit unions are hosting more FTEs and paying them more than they were one year ago, in large part driven by an extremely competitive hiring environment.

 
 

 

CREDIT UNION STAFFING, COMPENSATION TRENDING UPWARD

FOR U.S. CREDIT UNIONS | DATA AS OF 03.31.22
© Callahan & Associates | CreditUnions.com

 

Source: Callahan & Associates

  • Credit union employment spiked during the first quarter as the industry made efforts to attract and retain talent in a competitive hiring market.
  • The industry now hosts more than 331,000 full-time equivalent employees as of March 31, a 3.7% year-over-year increase. Because of the rise in hiring, annualized revenue per employee fell slightly, declining 1.1% year over year to $256,494.
  • Compensation saw a similar increase (up 3.8% year over year), to reach an average of $91,302 per employee.
  • Annualized loan originations per FTE rose 2.8% year over year to reach $2.3 million.
  • Overall, like many other sectors, a competitive labor market is placing operational pressure on the credit union industry, and cooperatives are directing more of their operating expenses toward compensation. Competition from fintechs and other players are also making it more difficult for credit unions to attract specialized talent.

This data will appear in the upcoming first-quarter 2022 edition of Callahan's Strategy & Performance.