Are you paying fairly, meeting IRS guidelines and comparing to market at appropriate junctures?
Every organization faces the risk that its most important asset--its talented people--walks out the door at the end of each day. Credit unions face compensation challenges that simply do not exist at competitor banks, such as the inability to grant stock awards. However, by providing fair and competitive executive pay, CUs can ensure that their executive talent will continue driving success and performance for the organization.
Does your credit union’s executive compensation program meet governance standards? How does it compare to the market?
Ensuring that executives are paid fairly for their performance is critical to the health of any organization. Credit unions also have a unique responsibility to their members to not pay executives excessively. This article discusses best practices for executive compensation specific to credit unions: how to determine whether your compensation meets applicable IRS guidelines and governance standards, as well as how (and how often) to compare your executive compensation to the market.