The latest CUES executive compensation numbers for credit union executives are out and this explosion still reverberates across the industry. Total median executive comp in 2022 was up 14.9%.
For CEOs the total median compensation was $515,602.
Understand: those numbers are from a time when inflation was not a concern and most workers in most industries were happy to get a 2 or 3% pay hike.
Now every worker wants a big pay hike to stay even with inflation. You can bet credit union c-suiters will too.
How did this happen in the credit union c-suite? And what does it mean for credit union exec comp committees on the board and indeed for all other executives in a credit union?
On today’s show to explain what’s going on and to offer predictions about what this means for your pay packet 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 which are building block retirement plans for key credit union executives.
Kordeleski’s firm prediction is that you ain’t seen nothing yet. Credit union c suite compensation had long been a sleepy topic but now there is a war for top talent – the talent needed to compete in today’s fierce financial services world – and top talent demands and deserves top money.
The credit unions that are in this to win are opening their coffers to hire the leaders they need.
Want Kordeleski’s one word summary of today’s credit union compensation landscape? “Dynamic.”
Who thought anyone would ever say that?
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