3 Factors Impacting Credit Union Compensation Plans

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strategy

3 Factors Impacting Credit Union Compensation Plans

 

Credit unions are growing and expanding their teams and competing strongly in the hiring market for financial services. In an industry as stable as credit unions, challenges arise when it comes to making sure compensation is competitive. This is especially problematic for credit unions with a lot of staff nearing retirement, those dealing with drastically bigger teams and those grappling with the aftereffects of a merger. 

Staff retention graphs

Let’s take a closer look at these three big changes and how they affect compensation plans.

Change and growth should not be feared, but without updated and competitive compensation plans in place, credit unions could feel more growing pains than benefits during these points of adjustment. Thankfully, HR software and technology used alongside industry insights can help smooth the process and help retain top employees.  
 

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