“The often unrecognized fact is banks and credit unions compete for talent regularly,” explains Christie Summervill, CEO of BalancedComp.
While there are stark and notable differences between their business models, there are negligible differences between their candidate pools. These financial institutions fill more than 90 of the same benchmark positions, each seeking to add the best experience to their teams. It’s more confirmation that competitive salary grades aren’t a luxury, they’re a necessity to gain and retain the best talent.
BalancedComp’s 2016-2017 Salary Survey takes a high-level look at why the connection between banks and credit unions is more important than people assume. Based on responses from more than 200 HR professionals at banks and credit unions, across five asset sizes up to $1 billion, we’ve identified some key differences between these organizations. Where do you compare?
Credit unions hire more employees than banks in fulfillment of their member service mission.
Banks have more supervisors, but lower employee count, for most asset categories.
The average number of direct reports to the CEO has negligible variability between credit unions and banks. This is true across asset size.
Credit unions hire significantly more personnel than banks in marketing, HR, IT, and accounting.