Credit Union Compensation: Philosophy or Strategy?

  • Share:
strategy

Credit Union Compensation: Philosophy or Strategy?

A compensation philosophy guides the role and function of an organization’s compensation program. How an organization believes its employees should be paid, how compensation impacts its overall mission and how it supports the company’s values are all part of a compensation philosophy.

Thinking and planning

Every organization has a philosophy to attract, motivate and retain top talent, but a strong philosophy goes into greater detail, providing a blueprint for using compensation as a management tool.

Good compensation philosophies identify the organization’s pay programs and reward strategies, as well as how those systems support the company's human capital needs, competitiveness and business strategy. Organizations that have solid compensation philosophies do not stop at ensuring their pay programs are fair and competitive, they also excellently communicate and motivate employees to bring their A-game.

How raises are determined graph

Strategy in action

A philosophy without a compensation strategy is just a statement. A strategy takes into account the nitty gritty details that make up a compensation program, including:

If an HR team is unclear about how their compensation strategy directly aligns with and supports their compensation philosophy, it’s time for a close evaluation of both.

  • Share:


« Return to "Trends"
TrendScan logo
<< Back to Articles

Latest Trends

  1. Identifying Marijuana-Related Businesses
  2. Cut Through the Noise and Deliver Value Members Want
  3. 3 Key Factors for Creating Good Content
  4. Preparing a Transparency Communication Plan
  5. A Content Management System Will Make Your Life Easier
  6. You Know You Need an LMS — Now What?
  7. Opportunities and Risks of Banking for Marijuana-Related Businesses
  8. Why You Need ERM in Your Strategic Planning
  9. Enterprise Risk Management — Where to Start
  10. Just How Distracted Are Consumers?
  11. Credit Unions Could Replace Predatory Lenders
  12. Are You Properly Rewarding Your CEO?
  13. The Quickest Way to Understand Enterprise Risk Management (ERM)
  14. Omnichannel Delivery: Banking Based On Members
  15. The Easiest Way to Deliver Content for Employee Development
  16. What Borrowers Wished Credit Unions Knew
  17. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  18. Bankers associations’ opposition to mergers does a disservice to member banks and to consumers
  19. Consumer Attitudes Toward Digital Advertising
  20. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  21. Three ways to up your social media game
  22. Are You Ready to Adopt a Continuous Performance Management System?
  23. Keep content relevant, short, iterative and engaging
  24. The Quest for a One-Stop Shop Financial App
  25. 5 Things Credit Unions Can Learn from Cyber Attacks
  26. Credit Unions Have an Opportunity to Help Their Members Through Tax Season
  27. Preparing for Compensation Transparency
  28. 2 Big FinTech Goals for Credit Unions
  29. The Quickest Way to Find the Right (and Safest) CMS
  30. Learning Management Systems: What Credit Unions Should Consider
  31. How Useful Are Member Personas for Credit Union Marketing Teams?
  32. Popular DDoS Mitigation Methods in 2019
  33. Americans Trust Their Financial Institutions for Tax Advice
  34. Experience Company Growth and Discovery with Employee-Driven Communication
  35. Should You Still Be Concerned about ADA Website Compliance?
  36. The Process of Crafting a Relatable, Moving Brand Story
  37. Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce
  38. Achieving the Golden “Narrative Transport” in Brand Storytelling
  39. What's Hot in Performance Management Technology
  40. Common Mistakes in Compliance
  41. Predict the Future of Mortgage Lending with Analytics
  42. Identify how chatbots will help you
  43. Become a Tax Resource for Members
  44. Remaining a Player in the New Home-Buying Experience
  45. Volunteer and Young Board Members Need Development
  46. Leverage the Resources of Trusted Experts for Tax Season 2019
  47. The Member Service Experience
  48. 6 Factors for Choosing the Right ESS System
  49. The Secret to Future-Proofing Your Organization
  50. You Might Already Have the Solution to Your Current Talent Competency Gap
  51. Conversational Commerce and the Rise of the Chatbot
  52. Don't Get Snagged on ADA Compliance Requirements
  53. Credit Union Compensation: Philosophy or Strategy?
  54. Americans' Lack of Financial Literacy Is an Opportunity for Credit Unions
  55. Building a Website with the User in Mind
  56. The Planning Process - Improved
  57. Do you need a new compensation strategy for multigenerational staff?
  58. Prepare for integration
  59. What others are doing
  60. Do You Know Why Payday Loans Are Used so Much?
  61. The Role of HR and Hiring Managers in the Candidate Experience
  62. Why HR Should Take Advantage of Employee Self Service
  63. Continuous Performance Management is Disrupting HR
  64. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  65. 7 Tax Changes Your Members Need to Know About
  66. Content Marketing: Well Worth the Effort
  67. Anticipating Change with a Succession Plan
  68. People Analytics: Bringing HR and Data Together
  69. 3 Succession Plans Your Credit Union Needs
  70. The Performance Management Conundrum: Structure vs. Creativity
  71. Your Social Media Accounts Deserve Quality Content
  72. Consumer Appetites in Mobile Innovation
  73. The Best Compliance Training with New Topics You Will Need
  74. The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
  75. 3 Website Design Trends for 2019
  76. Content, Tools, and Channels to Capture Consumer Attention
  77. Shifts and Trends to Know About in E-Learning
  78. 5 Guideposts to Measure Your Brand Promise Against
  79. The Website Audit Your Credit Union Needs
  80. The Importance of Creating Quality Content
  81. Prioritizing the Credit Union Employee Experience
  82. What Credit Unions Should Do with Ambiguous ADA Standards
  83. Are You Missing Out on the Power of Video?
  84. Is Your Executive Compensation Still Appealing?
  85. Why You Should Invest in an Applicant Tracking System
  86. Empowering Employees and HR with the Latest Technology
  87. Making Sure You Have the Right Leaders in the Right Seats
  88. How to Identify What You Want in an ESS
  89. Build Up Membership Through Supportive Savings Programs
  90. 4 Steps to Increased Social Media ROI
  91. Selling Payments and Wealth Management Services
  92. Serving the Underbanked and Millennials
  93. The Credit Union Advantage for the Digital Customer
  94. Optimizing Websites for Voice: What You Need to Know
  95. Wanted: Apps for Clarification and Simplification
  96. A Simple Way to Unify Your Marketing Efforts
  97. Don't Undervalue Your Brand Promise
  98. Is Your CMS the Right Fit?
  99. Are Your Landing Pages up to Snuff?
  100. The Dream Team for Successful Online Customer Interactions
  101. Caution: Customers Don't Always Ask for What They Want
  102. Credit Unions Can Compete with Shadow Banks
  103. How Credit Unions Can Formalize the Branding Process
  104. What the C-Suite Wants out of Social Media
  105. Keeping Up with Digital Lending Convenience
  106. 3 Brand Promises Credit Unions Can Learn From
  107. How Credit Unions Can Embrace Storytelling in Marketing
  108. Protect Your Credit Union with a Website Accessibility Response Plan
  109. Don't Underestimate the Power of Financial Education
  110. How to Generate Content with Fewer Resources
  111. Underestimate the Onboarding Process at Your Peril
  112. 3 Factors Impacting Credit Union Compensation Plans
  113. Leveraging Social Media for Member Engagement
  114. If Your Site Isn't Mobile Optimized, You're Losing Out
  115. Finding the Best Platform for HR Technology

Related Trends

  1. The Secret to Future-Proofing Your Organization
  2. You Might Already Have the Solution to Your Current Talent Competency Gap
  3. Bankers associations’ opposition to mergers does a disservice to member banks and to consumers
  4. Enterprise Risk Management — Where to Start
  5. The Quickest Way to Understand Enterprise Risk Management (ERM)
  6. Why You Need ERM in Your Strategic Planning
  7. Opportunities and Risks of Banking for Marijuana-Related Businesses
  8. Identifying Marijuana-Related Businesses
  9. The Best Compliance Training with New Topics You Will Need
  10. Anticipating Change with a Succession Plan
  11. Is Your Executive Compensation Still Appealing?
  12. 3 Succession Plans Your Credit Union Needs
  13. Credit Union Compensation: Philosophy or Strategy?
  14. Learning Management Systems: What Credit Unions Should Consider
  15. 3 Factors Impacting Credit Union Compensation Plans
  16. Making Sure You Have the Right Leaders in the Right Seats
  17. Shifts and Trends to Know About in E-Learning

Industry insights
to your inbox!

Subscribe