As of third quarter 2017, credit unions in California had the highest average employee compensation per FTE — $88,300. The DC/Maryland/Virginia metropolitan area comes in at No. 2 with an average of $85,500. Alaska, New York, Washington, and Connecticut follow with averages of $82,300; $81,500; $80,800; and $79,000, respectively.
SALARY & BENEFITS PER FTE BY STATE
FOR U.S. CREDIT UNIONS* | DATA AS OF 09.30.17
CLICK TO ENLARGE
* DATA FOR U.S. CREDIT UNIONS REPORTING THIRD QUARTER 2017 DATA.
Source: Callahan & Associates.
According to the 2017 Employee Job Satisfaction and Engagement report from the Society For Human Resource Management (SHRM), compensation is the No. 2 contributor to job satisfaction, trailing only respectful treatment. In 2010, it was the fifth most important.
“Compensation links to employees’ most fundamental safety and security needs by offering financial stability,” says the study’s authors.
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Callahan & Associates and Todd Lane, CEO of California Coast Credit Union, discuss how the cooperative calculates its area's living wage and what that means for its employment strategy. Watch The Living Wage: A New Approach To Employee Pay today.
Sixty-one percent of survey respondents said compensation was very important, yet only 26% reported satisfaction with theirs. Knowing where a credit union stands in relation to its region is the first step toward compiling a fair compensation package for employees. Some credit unions are now offering a living wage to build a productive, engaged workforce.
For credit unions that operate in a less expensive area, calculate how far the organization’s average salary, without benefits, would stretch in other areas of the country using CNN Money’s comparable salary calculator.
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