Do you know why you pay your employees what you do? Just as important, do your employees know why you pay them what you do? And do they know what they can do to earn more?
Compensation management has always been a challenging issue for employers. Some might even call it “uncomfortable.” But today, during the COVID-driven “Great Resignation” in which more than 50 million Americans have already voluntarily left their jobs, being able to quantify and justify your credit union’s pay scales is not only beneficial —it can also be key to your credit union’s very survival.
To compete successfully in today’s labor-driven economy, your credit union needs a compensation management system that: Informed by these insights, let’s look at each of these issues in turn, posing questions we often get from our clients.
- Helps you determine the appropriate salary range for each position within your credit union.
- Adjusts those salaries in response to changes in the local, regional, and national economies.
- Shows employees the justification for their compensation packages.
- Incentivizes performance excellence.
- Gives employees an incentive to stay with your credit union and not seek work elsewhere.
- Stands up to any legal challenges citing wage discrimination based on age, race, gender, or any other protected class.
Click here to read the complete “Do You Know Why You Pay Your Employees What You Do?” whitepaper by Compease, a provider of CU Solutions Group, a California and Nevada Credit Union Leagues business partner.