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.