Do Investments In HR Pay Off?

Two state leader tables show a link between employment and productivity trends.
Janet Lee

Total Number Of Credit Union Employees
For all U.S. credit unions | Data as of December 31, 2013
Callahan & Associates | www.creditunions.com

Source: Callahan & Associates Peer-to-Peer Analytics

The number of credit union employees has increased throughout the past three years. In 2012 and 2013, industry employment numbers increased 3.3% and 2.6%, respectively. The 2.6% annual growth in 2013 outpaced the 1.7% growth in total U.S. nonfarm payrolls.

Average Salary & Benefit Of Credit Union Employees
For all U.S. credit unions | Data as of December 31, 2013
Callahan & Associates | www.creditunions.com

Source: Callahan & Associates Peer-to-Peer Analytics

Throughout the past five years, the growth in average salary and benefits for credit union employees has outpaced that of average U.S. employees. In 2013, the annual growth of credit union salary and benefits topped 2.0% and reached nearly $65,000.

Top 20 States In Employee Growth And Loan Growth
For all U.S. credit unions | Data as of December 31, 2013
Callahan & Associates | www.creditunions.com

State

Employee Growth

State

Loan Growth
1 Idaho

10.1%

1

Idaho

17.1%
2 Virginia

9.2%

2

Rhode Island

14.9%
3 North Dakota

7.1%

3

Iowa

13.8%
4 Vermont

7.1%

4

Virginia

13.3%
5 New Hampshire

7.0%

5

Oklahoma

12.3%
6 Utah

5.9%

6

New Hampshire

12.2%
7 South Dakota

5.7%

7

Colorado

11.3%
8 Michigan

5.6%

8

Wyoming

11.0%
9 Arizona

4.7%

9

Utah

10.3%
10 Nevada

4.4%

10

Washington

9.6%
11 Pennsylvania

4.3%

11

Vermont

9.6%
12 Texas

4.2%

12

Texas

9.5%
13 Florida

4.1%

13

Ohio

9.3%
14 North Carolina

4.1%

14

New Mexico

9.3%
15 Washington

4.0%

15

Michigan

9.2%
16 Iowa

3.9%

16

Kansas

9.1%
17 Montana

3.9%

17

North Carolina

9.1%
18 Mississippi

3.9%

18

Alaska

9.1%
19 New Mexico

3.8%

19

South Dakota

8.8%
20 Oregon

3.8%

20

North Dakota

8.7%
U.S. Credit Union Average

2.6%

U.S. Credit Union Average

7.9%

Source: Callahan & Associates Peer-to-Peer Analytics

Of the 20 states with the highest employee growth in 2013, 13 also make the list for top 20 states in loan growth. For example, Idaho holds the title for both the highest employee growth and the highest loan growth in 2013. Additionally, the eight credit unions with the highest employee growth are also among the top 20 credit unions with the highest loan growth.

Top 20 States In Average Salary & Benefit And Loan Originations Per Employee
For all U.S. credit unions | Data as of December 31, 2013
Callahan & Associates | www.creditunions.com

State

Average Salary & Benefit

State

Loan Orginiations Per Employee
1 Alaska

$78,807

1

Virginia

2881696
2 California

$78,690

2

Utah

$1,943,099
3 District of Columbia

$76,745

3

North Dakota

$1,829,166
4 Virginia

$75,249

4

Colorado

$1,794,549
5 Maryland

$74,377

5

Iowa

$1,718,308
6 Connecticut

$72,564

6

Alaska

$1,709,254
7 New York

$71,923

7

Washington

$1,699,036
8 New Jersey

$71,752

8

Vermont

$1,603,699
9 Rhode Island

$71,434

9

Wisconsin

$1,599,004
10 Washington

$70,233

10

California

$1,572,401
11 Colorado

$67,525

11

Rhode Island

$1,503,982
12 Massachusetts

$67,515

12

New York

$1,453,283
13 Oregon

$67,455

13

Oklahoma

$1,424,508
14 New Hampshire

$67,360

14

Idaho

$1,405,965
15 Hawaii

$64,854

15

Massachusetts

$1,399,197
16 Illinois

$64,782

16

Oregon

$1,381,708
17 Georgia

$64,644

17

Illinois

$1,363,694
18 Minnesota

$64,189

18

South Dakota

$1,318,883
19 Nevada

$63,827

19

Minnesota

$1,309,515
20 Ohio

$63,642

20

New Hampshire

$1,277,804
U.S. Credit Union Average

$64,965

U.S. Credit Union Average

$1,381,249

Source: Callahan & Associates Peer-to-Peer Analytics

More than half of the states that ranked in the top 20 for average salary and benefits in 2013 are also among the top 20 states for loan originations per employee. For example, Virginia credit unions ranked No. 4 with an average salary and benefit of $75,249 and ranked No. 1 in loan originations per employee.

April 28, 2014

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