How Do Your Executive Benefits and Compensation Stack Up Against Your Peers?
Originally posted on CUInsight.com.
By David Frankil, President, Burns-Fazzi, Brock
Whenever I play golf (rarely) Iâm told that Iâm only competing against myself. Odds are it is my foursomesâ way of making me feel better about shooting my weight instead of some much more reasonable number. No issue there, weâre all just trying to improve our respective gameâbut some perspective is helpful, even if only to set goals and understand best practices.
The same can be said about executive compensation and benefitsâit is not a competition, but it is helpful to know how your peers compare. The key difference is that structure also counts when it comes to compensation and benefits. For example, do credit unions in your peer group just provide 457 plans, or do they also have split-dollar plans?
The NAFCU-BFB Executive Compensation and Benefits Survey of Federal Credit Unions
Compensation and benefits are a private and very personal issue, and one that most people are reluctant to ask or talk about, even to peers. Which is why BFB (in conjunction with NAFCU) established the NAFCU-BFB Executive Compensation and Benefits Survey of Federal Credit Unions. Each year the independent survey firm of Clark and Chase Research reaches out to hundreds of credit unions to gather an invaluable database of executive compensation and benefits for not just the CEO, but also for a handful of top executives.
All of the information is submitted and analyzed anonymously, and obviously the more credit unions that participate, the more comprehensive the data. Even better, the survey results are provided free of charge to anyone who participates. The first survey emails will go out shortly to prior participants.
Participate in the 2014 Survey
As a kick-off and invitation to participate in the 2014 survey, weâre hosting a free live webinar with NAFCU Services to review the findings of the 2013 Survey on Thursday, January 16 from 2:00 pm to 3:00 pm ET. During this webinar, Jack Clark from Clark & Chase Research will present the highlights of the 2013 survey results and give guidance on how to apply them to your credit union. If youâd like to join us, you can sign up for the webinar at www.nafcu.org/BFBwebinars.
If you havenât participated before and would like your credit unionâs executive compensation and benefits to be reflected in the 2014 survey, you can sign up to participate in the survey here www.nafcu.org/execsurvey.
Burns-Fazzi, Brock is the NAFCU Services Preferred Partner for Executive Benefits and Compensation Consulting Services. More educational resources and contact information are available at www.nafcu.org/BFB.
Also available: Survey Results: 2014 Executive Compensation and Benefits Study »