Survey: Small CUs More Likely to Look Internally When Replacing Their CEOs

July 21, 2008

FOR IMMEDIATE RELEASE
Contact: Katye Long
CUNA Communications; (608) 231-4038
klong@cuna.coop

Click for larger view

MADISON, Wis. – When it comes to replacing a credit union CEO, small credit unions are more likely than credit unions overall to give internal applicants first preference, according to the latest CUNA salary survey.

According to the 2008-2009 Small Credit Union Staff Salary Survey, published by CUNA’s Center for Research and Advice, 48 percent of credit unions with $1 million to $35 million in assets give internal applicants first preference. An additional 40 percent of small credit unions post the job externally and internally at the same time, while only 9 percent give external applicants first preference.

Credit unions overall are about evenly split between giving internal applicants first preference and posting the job externally and internally at the same time.

“At a time when more and more companies are looking externally to replace their CEO, small credit union may have an edge in recruiting candidates who are looking to eventually advance into leadership roles,” said Beth Soltis, senior research analyst for CUNA’s Center for Research and Advice.

In addition to base salaries and ranges, the report details the average incentives, bonuses, total cash compensation, and job descriptions for the 24 full-time positions most commonly found in small credit unions along with hourly wage and variable pay data for eight part-time positions.

Compared to the full salary report, a more narrow asset category breakdown is provided in the report. It also displays results organized by region, number of full-time employees, number of services offered, number of members, number of branch offices, and by the total amount of loans outstanding.

CUNA’s 2008-2009 Small Credit Union Staff Salary Survey sells to credit unions for $89. For more information, or to order a PDF file of the report online, visit advice.cuna.org and type stock number 28107P in the search box. For help in downloading the report, call (800) 356-8010, press 3, and use the stock number as a reference.

###

About CUNA

With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves 90 percent of America's 8,500 credit unions, which are owned by more than 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit www.cuna.org.

Copyright © 2008 - Credit Union National Association, Inc.