Are you earning enough at a credit union?
Here’s the bad news: it’s not easy to figure out the right answer to that question. Information about executive pay at credit unions is not easy to come by.
Here’s the worse news: If a top exec at a credit union is underpaid, very probably most of the executive staff is too – and that is an institution that will find it ever harder to compete against the growing numbers of credit unions that get it, that understand they have to pay their execs appropriately if they want to attract talent.
Also know that exec compensation is not a matter of what’s in your pay packet on Friday. Today’s compensation has multiple moving parts and salary is just one piece. There also are long term incentive clauses, SERPs (supplemental executive retirement plans) and still more wrinkles.
This has all gotten very complicated.
Here to demystify executive compensation is Kirk Kordeleski, onetime CEO at Bethpage Federal Credit Union, one of the nation’s biggest, and now an executive at OM Financial Group, which specializes in SERPs.
Want to know more about SERPs – or other matters raised in this podcast? Email Kordeleski Kkordeleski@om-financial.com
This show is the first in a Money Talks series where credit union compensation is untangled. This show will help some executives negotiate better pay packages and will also help some board members understand the ways in which 2022 credit union compensation is utterly different from 1992 comp plans, even 2012 plans because now competition for talent is so much fiercer.
Have suggestions for topics to explore in this show? Email me, Robert McGarvey – rjmcgarvey@gmail.com
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