In December 2017 OFN released a comprehensive report on compensation and benefits for CDFI loan funds, the 2018 CDFI Loan Fund Compensation and Benefits Survey. This report provides an in-depth look at the compensation and benefits packages for 21 executive and staff positions which CDFI loan funds can use to recruit, reward, and retain high-quality employees, and is the first such data set available since 2012 when OFN last conducted the survey.
More than 140 CDFIs participated, representing approximately 25 percent response rate among certified CDFI loan funds. Among participants, asset size is also representative, making this a useful tool regardless of your loan fund size.
Because of the confidential nature of employee compensation, OFN contracted with Quatt Associates, a management consulting firm specializing in strategic planning, organizational development, and human resources systems.
For all positions included in the survey the report provides data on base salary, bonus/incentive target, actual bonus/incentive compensation, total cash compensation, and most recent base salary increase. In addition, for the Chief Executive Officer, we provide data on the cost of the CDFI of CEO benefits, qualified retirement, deferred compensation.
For survey users, each position has different cuts of data depending on asset size, number of employees, headquarter location, and areas served. These data cuts allow you to put yourself in different buckets to make the average comparison most applicable to your CDFI. Where possible, data from the American Bankers Association 2016 report is also available for comparison.
The survey also contains comprehensive benefits data. We looked at health, dental, and vision insurance—including the type of insurance offered (PPO, HMO, HDHP, POS, or other)—retirement plans, disability, and paid leave plans for all staff.
Compensation and benefits are a major factor in an employee’s motivation and job satisfaction. The results of this survey are key to knowing how your compensation and benefits package aligns with your peers so you can attract and retain the best talent for your CDFI.
Purchase the survey today to get a jump start on your employee recruitment and retention packages for 2018:
- Participants can purchase the survey for $300 ($450 off the list price)
- OFN Members and Allies who did not participate may purchase at the discounted price of $500
- List price is $750