CHELSEA, Mass. – Credit unions thinking about hard about compensating and retaining employees moving forward may want to look to a new model put in place by one credit union here.
Metro Credit Union said it has “reinvented its retail and contact center employment and compensation structure” as part of a Universal Program Model so that all income branch retail and Member Service Center reps are paid at least $50,000 annually.
The credit union said the new initiative also seeks to provide additional career opportunities and to upskill its employees, who will also have the opportunity for additional compensation through Metro’s competitive bonus programs.
Existing employees are also eligible for the new program, the credit union said.
In a statement announcing the changes, the $2.6-billion Metro Credit Union said it continues to experience rapid growth and has increased its branch footprint by 25% since the end of 2021. It said it now offers one of the highest starting payrates for entry-level employees in the industry.
“As the cost-of-living surges across the state and country, and the threat of an economic downturn looms in the horizon, it is crucial that we provide additional earning opportunities to our employee base,” said Robert Cashman, president, and Chief Executive Officer. “By offering resources and training employees need to master new skills, we not only uplevel our entire organization, but also impact the career trajectory of qualified individuals across the Credit Union.”
Newly Defined Roles
As of July 1, 2022, Metro CU said it will place all incoming non-management branch and contact center employees into newly defined roles. That includes:
- Sales and service representatives in branches and the Member Service Center, who will earn annualized compensation of $50,000
- Sales and service supervisors, who will earn annualized compensation of $52,000.
“Under the new Universal Program Model, employees in these positions are required to learn at least one additional skill outside of their primary job responsibilities – assisting Metro’s Lending Division, queuing calls and/or emails, operating an Interactive Teller Machine, or engaging with members digitally through video banking and/or chat,” the credit union said.
For each new skill, employees are eligible to receive a fixed bonus figure each quarter, increasing their total annual compensation.
Compensating ‘Float’ Employees
In addition, Universal Service Specialists, or “float” employees designated to assist in various areas of the credit union as needed, will need to master multiple skills as part of their primary job function. These employees will earn annualized compensation of at least $55,000 and can earn additional compensation through existing bonus programs at Metro, the credit union explained.
Current Metro employees are eligible for any newly created position under the Universal Program Model. Metro said it will also continue to hire new management employees (assistant managers and managers) within current base salary ranges and provide opportunity for them to benefit from Metro’s bonus programs.
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