Page 28 - Perspectives Vol.15 Issue 2

see results of the
see results of the
2020 compensation survey
2020 compensation survey
Doug Foister, Research Director, Cornerstone Credit Union League
If you’re a Cornerstone Credit Union League member, here’s some good news: The League’s annual Compensation Survey is now provided free as a member-exclusive, dues-supported benefit.
The survey is a vital tool for compensation decision-making and a product of comprehensive research featuring salary data, benefit information, and various other compensation- related metrics. As the survey is strategically designed to help credit unions of all sizes, each participating credit union can find its asset-based data in the survey results.
The Compensation Survey gives salary data on more than 50 positions, which are organized in the following groups: executive management, support/member services, lending and collections, information systems, marketing, human resources, legal and audit, accounting and finance, and branch operations and call center.
Salary data includes average and weighted average salary, 20th and 80th percentiles salaries, median salary, and average last raise. For CEO and EVP salaries, the survey presents data segmented by asset size, city size, region, tenure, education, number of full-time employees, credit union field of membership, and number of credit union locations. Salary data for all other positions is segmented by asset size, city size, region, and tenure.
The Compensation Survey also includes insurance and retirement benefit data—again, segmented by asset size. Group life, dental, vision, health, supplemental insurance, travel/accident, long-term disability, and short-term disability comprise the insurance data. Retirement data consists of defined contributions and defined benefits.
Other compensation-related metrics presented in the survey consist of the following data: paid leave; holidays; employment contracts; bonus and incentive plans; fringe benefits such as auto allowance, cell phones, and spousal travel; new positions hired; and director compensation. This survey section also includes turnover rates.
Some more good news is that Compensation Survey contributors can now request the option of having their survey questionnaire pre-populated with their previous year’s data. This recently added amenity makes survey completion easier and faster.
The Compensation Survey, conducted annually for over three decades, offers both an insightful big picture as well as helpful detail that saves time and guesswork in important compensation decision-making.
League members can perform an important role in improving this valuable, reliable resource. As affiliates participate in the survey, they help other credit unions as well as their own. Great member participation successfully yields current, accurate, and geographically representative salary data. This increases the survey’s potential to
enable credit union leaders to make balanced, accurate compensation decisions. Furthermore, when credit
union leaders know their region’s current compensation environment, they can potentially reduce turnover rates and recruit and retain qualified employees who can help to make great credit unions.
26 Vol. 15, Issue 2
the survey is a vital tool for compensation decision-making.