The Bottom Line
A decade of economic expansion created record-low unemployment levels, driving credit union employee compensation to the highest rates on record. However, COVID-19 has caused economic growth to slow even as compensation costs remain. Although per employee revenue generation fell in most major metrics, employees are having no problem generating loans: per employee originations reached a first quarter high of $442,470.
*FTE=Full-time Equivalent=100%FT + 50%PT
Without official data from the NCUA, Callahan is reporting first quarter data trends from institutions that represent 99.7% of the industry’s assets.
This article appeared originally in Credit Union Strategy & Performance. Read More Today.