State Employees' Credit Union – “Overall, a solid place to work”

Pros

You don't get to wear a single hat like at most other places, FSO's get to open/service accounts, do members taxes (through the IRS VITA program), get their insurance licenses and quote various types of insurance - and we are loan officers. There is not a rigid approval/denial scheme or computer program, it’s ultimately the employees' discretion as to whether to approve a loan request (if they've been given that authority). We do so many different things it never gets boring, but it can be overwhelming at times. SECU offers relatively simple deposit services (for instance there is only 1 kind of checking account) so this makes things a bit easier, though it is a full service financial institution. SECU has continued expanding, even during and after the recession. They always put members first, which is refreshing, though it has is downsides too (salary, see below). It’s a stable career - you don't need to ever worry about getting laid off as the credit union has never laid off an employee (not to say they've never fired a bad one though). The 401(k) plan is amazing, for a 5% employee contribution, they match 9%, so 14% of your total compensation (including benefits) is put into your 401(k) and is vested immediately. You get paid more as you are able to do more things (VITA Certification, Insurances Licenses, etc) Benefits are generous, you get a lot of PTO (based on years of service) as well as the normal 12 days we are closed a year. I could take a full month off if I watned to. Promotions are based on performance, though I'm sure this can differ with each branch manager. Promotions can be quick if you're good. Expectations are clear for advancement. Training is continuous if you want it. They will pay for you to get your Certified Financial Planner designation, your masters, securities licenses, etc. SECU also owns a subsidiary, Credit Union Investment Services, so you can get the appropriate licenses and give investment advice as well. Pay is not based on commission, its straight salary (could be a pro or a con), instead they give merit raises based on performance, which is to say "member service" - it’s not based on sales numbers (in fact they don't keep track of any kind of "sales figures" on an employee basis) so you don't feel pressured to offer someone something they don't need.

Cons

The main one is the starting salary, which is low. It’s hard for someone with student loan debt, much less any other type of debt, to make it on their own starting out. However like I said above, they will promote quickly if you're good, and the promotions up the FSO career path do come with substantial raises. The technology is probably behind other large enterprises of this scale (it’s the 2nd largest credit union in the country) but they've been making a lot of progress on this front over the past several years. The new branches are large and beautiful, however the older ones are really bad - they need modernizing. No bonuses, commission, or other perks like preferred loan rates (in keeping with their philosophy of treating everyone equal).

Advice to Senior Management

Like others have said, take a look a your compensation package. Starting out, the salary is unfortunately very low. You'll have trouble attracting and retaining good talent once the economy picks back up.