Note: This is the first article of a 3-part series on employment trends and statistics between December 2000 and December 2005. The other two articles discuss Salaries and Benefits and Employee Productivity.
At the end of December 2005, the credit union industry employed 221,467 Full Time Equivalents (FTEs) nationwide. This was 3.7% higher than the 213,462 FTEs that were employed at the end of 2004.
Employment in the industry has been steadily rising since December 2000 at an average rate of 4.4% per annum when the total employment was 178,951 FTEs.
However, this growth rate has lately been slowing down as shown in the graph, corresponding to the slow membership growth in the industry. The membership growth has fallen from 3.7% in 2000 to 1.5% in 2005, prompting the industry to slow down on new hiring.
Part Time Employees
In absolute number terms, there were 31,043 people employed part-time in December 2000 and that number has now grown to 33,520 as of December 2005.
The ratio of credit union employees working on a part-time basis has also been coming down during the last five years. From a high of 16% in December 2000 it has now fallen to 14.1%.
Callahan & Associates calculates 2 PTEs (Part Time Employees) as equivalent to 1 FTE.