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.
Are you?
Want Kordeleski's one word summary of today's credit union compensation landscape? "Dynamic."
Who thought anyone would ever say that?
Hear it on today's show.
Want to know more about SERPs - or other matters raised in this podcast? Email Kordeleski Kkordeleski@om-financial.com
This show is 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.
Hear episode one in Money Talks here. Episode 2 is here.
Have suggestions for topics to explore in this show? Email me, Robert McGarvey - rjmcgarvey@gmail.com
This episode was recorded at a conference. There is some background noise. Tune it out, just as you would if you were holding a conversation at that conference.