Lies and Statistics
Written by Anthony Demangone
You know the saying about statistics and lies, so I won't repeat it.
I don't think that statistics lie, as much as they don't tell the whole picture.
A wonderful NAFCU member shot me an email this week asking for help. She was worried that her credit union's staffing level was too high. She saw some statistics (a ratio) that led her to think it was a possibility.
NAFCU's research team publishes a number of reports. Here's what the NAFCU Benchmark report showed...
| Financial Performance | Her CU | Asset Class Avg | Region and Asset Avg |
|---|---|---|---|
| Net Income per Employee | $24,001 | $12,727 | $7,330 |
| Loan Originations per Employees | $323,289 | $182,403 | 166,872 |
| Gross Revenue per Member | $449.30 | $403.20 | $349.80 |
| Net Income per Member | $75.90 | $36.20 | $18.50 |
| Loan Originations per Member | $1,022.60 | $518.20 | $422.20 |
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Those numbers tell a different story, don't they? I can't say whether her credit union is "over-staffed." But her shop does outperform quite a few credit unions of a similar size and in the same region.
I'm a firm believer that when it comes to an issue (staffing, salary, efficiency, etc.), look at it from as many angles as possible. Once you do, things start to take shape. The numbers start to tell a story.
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If you want a sample benchmark report for your credit union, let me know. I know a guy. Or two....
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