This whitepaper focuses on the core questions credit unions should be asking themselves when setting meaningful compensation policies that truly align with their unique business goals.
By Todd Leone, Gayle Appelbaum, Katrina Gerenz CCP and Bryan Lemke
What is your credit union’s compensation philosophy? When they’re well thought through, compensation philosophies can help provide an important framework for pay decisions throughout a firm. But far too often, these philosophies are antiquated, and include general phrases like “we strive to provide competitive compensation” and “the goal of our compensation structure is to attract, retain, and motivate.” While few can disagree with these types of platitudes, they are rarely helpful when making actual decisions. Understanding the answers to the questions in this whitepaper can help provide a better framework for designing compensation structures, making individual pay decisions, and determining if you are achieving your compensation goals.