Pick a number and here’s the question: over the last 11 years CEO pay in credit unions has gone up 2% per year, 5% per year, or greater than 10% per year?
Take a deep breath now.
The answer is 7.5%, said Kirk Kordleski, past CEO of Bethpage Credit Union, one of the nation’s biggest, and now a consultant specializing in retirement plans with OM Financial.
If that number rocks you, grab tight now because in this podcast Kordeleski explains why the CEO who can successfully lead your credit union in today’s hyper competitive marketplace will need that big annual raise and also why he or she is well worth the money.
The reason for both is competition. The number of CEO openings in credit unions is growing and that’s because Baby Boomers (born in the 1946 - 1964 span) are fast retiring.
There’s also just a lot more competition and a good CEO needs a range of skills. The complexity of the job just is so much greater now than it was a generation ago.
Open your checkbook wide when you are out shopping for a new CEO. It’s just not going to get any cheaper.
Know too that what a CEO is paid directly determines how much the other executives in the c-suite earn and their pay shapes how much just about everybody in the organization is paid
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 2023 credit union compensation is utterly different from 1993 comp plans, even 2013 plans because now competition for talent is so much fiercer.
Hear episode one in Money Talks here. Episode 2 is here. Episode 3 is here. Episode 4 is here. Episode 5 is here. Episode 6 is here. Episode 7 is here.
Want to know more about SERPs - or other matters raised in this podcast? Email Kordeleski Kkordeleski@om-financial.com
Have suggestions for topics to explore in this show? Email me, Robert McGarvey - rjmcgarvey@gmail