Michigan Credit Union League 2014 Compensation Survey
Your participation in this survey speaks to the cooperative nature of your credit union. Additionally, your participation will add significant value to the survey results. MCUL & Affiliates is truly grateful for your time and effort in completing the survey.
The responses to the survey will be held in the strictest confidence by MCUL & Affiliates. By completing the survey, your credit union will receive a complimentary copy of the final report.
Beginning this year, and then in each of the even-numbered years, we will use a shorter survey that only asks questions about base compensation and bonus/incentive compensation. In odd-numbered years, a full survey that asks questions about compensation and benefits will be used to produce a comprehensive report.
On the survey there are quite a few questions that deal with Full-Time and Part-Time employees. Full-Time employees would be deemed as any employee working over 30 hours for this survey.
NOTE: Due to the logic contained in the survey to allow questions to be skipped when irrelevant to your credit union, there is no back function. Please use caution when responding to the questions. If you answer a question incorrectly or in error, simply email Michael Green at and notify him of the correction.
If you have any technical questions or issues, please contact the survey administrator, Michael Green, via email at . If you have any questions about the survey itself or the results (when they are delivered), please contact Maureen Lafrinere at MCUL & Affiliates via email at .
1.In what area is your main office located?
- Detroit Metropolitan Area
- Michigan Metropolitan Area
- Michigan Non-metropolitan Area
- Upper Peninsula Area
2. Credit Union Name: ______
3. What is the estimated population where your credit unions main office is located?
- More than 1 million
- 500,000 to 1 million
- 250,000 to 499,999
- 50,000 to 249,999
- 10,000 to 49,999
- Less than 10,000
4. Is your credit union low-income designated?
- Yes
- No
5. Which of the following categories most clearly describes your common bond?
- Association
- Community
- Educational
- Government
- Military
- Multiple groups
- Occupational
- TIP (Trade, Industry, or Profession)
- Other common bond
6. Does your credit union serve select employee groups (SEGs)?
- Yes
- No
7. If yes, how many SEGs does your credit union serve? ______
8. Please provide the following information, based on December 31, 2013 figures (whole dollars).
AssetsTotal Operating Expenses (before dividends)
Total Salary Expenses (incl. bonus, incentive, taxes)
Total Benefits Expenses
Number of Members
Number of Branch Offices (other than main office)
Compensation
9. Does your credit union have a formal pay range/salary grade structure?
- Yes
- No
Directions for Providing Information on Management Employees:
Please provide the following information for management employees as of 12/31/2012.
If there is more than one employee in a position, please AVERAGE the data for all employees in the position.
Report all base salary information in ANNUAL (40 hours per week) WHOLE-DOLLAR figures (i.e. 50000 for $50,000). If the employee works less than 40 hours per week, multiply the hourly rate by 2080. Exclude overtime, incentive, and bonus pay.
Then, indicate the average incentive and bonus payments* in WHOLE-DOLLAR figures (i.e. 1500 for $1,500) earned by employees in the position.
*Incentives are rewards based on pre-set performance criteria. Bonuses are rewards that are not tied to pre-set performance criteria (i.e. Christmas bonus).
If an employee performs the duties of more than one position, enter the information only under the position the employee performs the majority of the time; in other words, enter data for an employee only once.
10. CEO or President or Manager (#1 position): Accountable to the Board of Directors for results of credit union and subsidiary activities. Interprets/applies policy set by the Board. Determines basic objectives of the credit union; develops business plans and provides authority to achieve objectives. Analyzes/appraises all operations.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
11. Executive Vice President or Assistant Manager (#2 position): Reports to the CEO. In charge in CEO’s absence. Recommends and helps develop new policies and implements existing ones. Plans, directs, and coordinates staff, programs, and activities of the credit union.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
12.Chief Financial Officer/Vice President of Finance: Direct and manage all practices and activities in the Finance and Accounting functions to ensure compliance with State and Federal rules and regulations. Manage auditing, accounting, and record keeping activities of the credit union to ensure they meet generally accepted accounting practices (GAAP). Make recommendations relating to budget preparation, income forecasts, and operational changes as needed.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
13. Chief Operations Officer: Plans, controls, supervises, and coordinates the functions of line and staff employees in the operations area. Develops, implements and maintains operational procedures to maximize efficiency and quality of work. In credit unions without an EVP, is the #2 position in the CEOs absence.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
14.Head of Information Technology: Oversees the credit union’s technology infrastructure and information systems tools. Develops short- and long-term technology objectives to provide efficient and cost-effective technology tools to the credit union. Leads, manages, directs and coordinates the planning, production and activities of a credit union’s information systems department.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
15. Head of Human Resources: Provides input to the CEO on the credit union’s strategic plan to reflect human resource activities and trends. Develops, implements, and manages the human resource function for the credit union with primary emphasis in areas of policy development, wage and salary administration, performance appraisal programs, employee relations, employee benefits, recruitment and retention strategies, organizational development, record compliance, reports and statistics, counseling, orientation, and employee training and development programs. Ensures all human resource programs comply with State and Federal regulations.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
16. Head of Lending: Manages the credit union’s lending plans, products, policies, and activities. Directs the mortgage, commercial and consumer lending portfolios of the credit union.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
17. Head of Marketing: Responsible for the development, implementation, and maintenance of the credit union’s strategic marketing and public relations plans. Research marketing needs and analyze marketing trends for the credit union to ensure the credit union is positioned competitively. Provide oversight, direction, evaluation, and management to subordinates and/or vendors involved in the marketing and public relations campaigns.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
18. Branch Manager I: Guide and manage the branch office in providing quality service to members in account transactions, loan applications, and new accounts. Solve problems within established policies and guidelines. Manage a branch with less than ten full-time employees.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
19. Branch Manager II: Guide and manage the branch office in providing quality service to members in account transactions, loan applications, and new accounts. Solve problems within established policies and guidelines. Manage a branch with ten to twenty full-time employees.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
20. Branch Manager III: Guide and manage the branch office in providing quality service to members in account transactions, loan applications, and new accounts. Solve problems within established policies and guidelines. Manage a branch twenty to fifty full-time employees.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
21. Branch Manager IV: Guide and manage the branch office in providing quality service to members in account transactions, loan applications, and new accounts. Solve problems within established policies and guidelines. Manage a branch with more than fifty full-time employees.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
22. Controller/Accounting Manager: Develop, manage, and maintain reliable accounting information and reporting on income, expenses, assets, liabilities, and capital for management planning and decision making and for fulfillment of financial reporting requirements. Reconcile GL and bank accounts. Manage the activities of the accounting department and staff. Ensure that reports, accounts, systems, policies and practices adhere to generally accepted accounting principles (GAAP).
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
23. Accounting Supervisor: Responsible for directing department staff, determining proper accounting and regulatory entries, overseeing the processes of the department, recommending improvements, and establishing work schedules to enhance member service.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
24. Collections Supervisor: Responsible for the day-to-day operations of the collection department; managing the collection process to meet collection goals; establishing programs to support, mentor and develop employees; and implementing and monitoring goals, objectives and priorities established for the collections department including delinquency and charge-off levels; reviewing past due accounts to verify proper procedures are being followed in the collection process and that all due diligence is performed in accordance with the policies and procedures of the collections department.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
25. Call Center Manager/Supervisor: Plan, schedule, supervise, and evaluate call center work flow and staffing. Coordinate call center activities to achieve desired volume according to the business plan. Monitor staff performance and call volume.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
26. Mortgage Loan Manager: Ensure mortgage lending policies and procedures best serve the credit union and its members. Oversee mortgage lending staff. Ensure compliance with state and federal lending laws. Develop, recommend, and report on improvements in mortgage loan products and services.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
27. Consumer Loan Manager: Ensure consumer lending policies and procedures best serve the credit union and its members. Manage the day-to-day operation of the consumer loan department. Ensure compliance with state and federal lending laws. Monitor and analyze economic conditions affecting the consumer loan department and recommend appropriate action.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
28. Lending Supervisor: Responsible for day-to-day operation of the loan department and staff including compliance with relevant state and federal lending laws.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
29. Member Service Manager/Supervisor: Oversee the administrative and member service activities of the member service department. Ensure that all products and services of the credit union are promoted and that quality member service is delivered to all members.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
30. Plastic Card Manager/Supervisor: Supervises and directs operations of the card department. Provides information to existing and potential members regarding card services.
Number of Employees in PositionAnnual Base Salary
Incentive Payment
Bonus Payment
Directions for Providing Information on Non-Management Employees:
Please provide the following information for non-management employees as of 12/31/2012.
If there is more than one employee in a position, please AVERAGE the data for all employees.
Report all base salary information in ANNUAL (40 hours per week) WHOLE-DOLLAR figures (i.e. 50000 for $50,000). If the employee works less than 40 hours per week, multiply the hourly rate by 2080. Exclude overtime, incentive, and bonus pay.
If an employee performs the duties of more than one position, enter the information only under the position the employee performs the majority of the time; in other words, enter data for an employee only once.
Administrative Staff
31. Accountant: Assists in maintaining accurate accounting records and preparing financial statements and reports.
Number of Employees in PositionAnnual Base Salary
32. Accounting Representative/Clerk: Performs routine accounting clerical operations such as posting to ledger. Checks accuracy/completeness of standardized documents.
Number of Employees in PositionAnnual Base Salary
33. Senior Accounting Representative/Clerk: Perform more complex accounting clerical operations such as recording and reporting financial performance (journal entries, general ledger, A/P and A/R); perform cost accounting entries to reflect financial performance; respond to inquiries from branches and internal departments emphasizing superior customer service.
Number of Employees in PositionAnnual Base Salary
34. Bookkeeper: Responsible for managing the credit union financial records, including recording financial transactions; assisting with accounts payable and receivable; reconciling bank statements; updating the trial balance, profit-and-loss statement and balance sheet; making federal and state tax deposits; and completing annual tax forms.
Number of Employees in PositionAnnual Base Salary
35. EFT Coordinator: Perform duties involving electronic funds transfers (EFT) functions in a timely, accurate manner that provides members with quality service. Reconcile accounts in accordance with credit union policies and procedures.
Number of Employees in PositionAnnual Base Salary
36. Compliance Officer: Review credit union policies and procedures to ensure compliance with all related laws and regulations. Recommend changes to senior management and/or Board of Directors.
Number of Employees in PositionAnnual Base Salary
37. Executive Secretary: Provides support for executive personnel. Handles administrative and scheduling duties for executives. Handles confidential material on a daily basis.
Number of Employees in PositionAnnual Base Salary
38. Administrative Assistant: Coordinates and performs administrative activities associated with the office of a director/general manager equivalent and employees within a department, handling confidential matters with discretion.
Number of Employees in PositionAnnual Base Salary
39. Human Resources Generalist: Manages the day-to-day operations of the Human Resource office; oversees the administration of the human resources policies, procedures and programs; carries out responsibilities in the following functional areas: departmental development, Human Resource Information Systems (HRIS), employee relations, training and development, benefits, compensation, organizational development, and employment.
Number of Employees in PositionAnnual Base Salary
40. Employment Specialist/Recruiter: Performs work with on-going recruitment activities through company contacts, industry relationships, agency networking, and internet recruiting and general advertising methods. Recruits professional and hourly employees as well as maintain contact with resume databases and developing new recruitment techniques.
Number of Employees in PositionAnnual Base Salary
41. Benefits Specialist: Coordinates the enrollment periods and initiates the enrollment processes for all credit union benefit programs to include pension plan or 401(k) plans as well as disability, medical, dental, and life insurance programs. Distributes plan documents or other benefit plan descriptions in a timely manner. Monitors the enrollment and declination forms for completeness and to comply with credit union policies and procedures.
Number of Employees in PositionAnnual Base Salary
42. Training Specialist: Manages, implements, and plans the training programs and credit union employee education.
Number of Employees in PositionAnnual Base Salary
43. Business Development Representative: Develop new business for the credit union. Cultivate new, and maintain existing, relationships for all facets of corporate sponsorship, individual members, auto dealers, RV/boat and motorcycle dealers, realtors, etc.
Number of Employees in PositionAnnual Base Salary
44. Marketing Specialist: Helps develop and conduct marketing programs to promote services and expand member use.
Number of Employees in PositionAnnual Base Salary
Loans/Collections
45. Collector: Responsible for control of delinquent loan accounts and pending late-payment reminders. Follows-up with members who have delinquent loans and maintains records on delinquent accounts.
Number of Employees in PositionAnnual Base Salary
46. Consumer Loan Officer: Interviews loan applicants, takes applications, obtains credit reports, approves/denies credit requests, and disburses the full range of credit union consumer loans. Notifies applicants of loan decisions/status.
Number of Employees in PositionAnnual Base Salary
47. Consumer Loan Processor/Clerk: Interviews loan applicants and prepares applications for submission to the consumer loan officer. Responds to consumer loan questions.
Number of Employees in PositionAnnual Base Salary
48. Senior Consumer Loan Processor: Coaches sales and support staff in identifying customer needs and in the professional approach to selling and loan funding. Operates as a full time loan officer who also supervises/assists the daily activities of department staff and reports to department manager as needed. Provides general information and cross-sells loans and services.
Number of Employees in PositionAnnual Base Salary
49. Mortgage Loan Officer: Reviews loan applications for compliance, pre-qualifies applicants. Requests necessary support documents, reviews for completeness & accuracy. Reviews credit reports/ appraisals, prepares loans for underwriting approval. Provides direction to mortgage support staff.