Jan 01 1998

Monetary Incentives for Credit Union Staffs

Report  
Number  
37

Results of a national survey of credit union CEOs about their use of employee incentive programs.

William A. Kelly, Jr.
Center for Credit Union Research
University of Wisconsin-Madison
Judith F. Karofsky
University of Wisconsin-Madison;
Harry F. Krueckeberg
Colorado State University
Report Number 37

Executive Summary

The purpose of this study was to learn about monetary incentive programs which credit unions have used for their staffs. Primarily to see how effective incentive programs are in accomplishing the credit unions' objectives, and what characteristics influence their effects. In addition to this, the researchers wanted to learn how these plans were designed and how they worked. 

What is this research about?

The study began by interviewing twenty-seven credit union CEOs, including CEOs who used incentive programs, as well as CEOs who did not use them. Based on these interviews, a detailed survey questionnaire was developed. The questionnaire was sent to the CEOs of credit unions randomly selected from the largest 2,500 credit unions based on assets. Respondents with an incentive program provided detailed information about their experience with the program. Those without programs provided information about why they chose not to use incentive programs. 

What are the credit union implications?

The most important implication of this study is that a credit union without an incentive program for its staff should seriously consider developing one.