Metro Credit Union Transforms Employment and Compensation Structure
June 7, 2022
CHELSEA, MASS. – June 7, 2022 – Metro Credit Union, the largest state-chartered credit union in Massachusetts, today announced that it has reinvented its retail and contact center employment and compensation structure to provide additional career opportunities and earning potential for new and existing employees. Under the new Universal Program Model – an initiative designed to upskill Metro’s employee base and propel the organization forward – all incoming Retail Branch and Member Service Center employees will earn a starting annualized compensation of at least $50,000 with opportunity for additional compensation through Metro’s competitive bonus programs. Existing employees are also eligible for the new program.
Metro continues to experience rapid growth having recently increased its branch footprint by 25 percent since the end of 2021. As employees continue to join the Credit Union, Metro is proud to offer competitive pay with 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.”
As of July 1, 2022, Metro places all incoming non-management branch and contact center employees into newly defined roles. Sales and Service Representatives (Retail Branches) or Sales and Service Agents (Member Service Center) earn annualized compensation of $50,000; Sales and Service Supervisors 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 (ITM), or engaging with members digitally through video banking and/or chat. For each new skill, employees are eligible to receive a fixed bonus figure each quarter, increasing their total annual compensation.
Universal Service Specialists – “float” employees designated to assist in various areas of the Credit Union as needed – master multiple skills as part of their primary job function. These employees earn annualized compensation of at least $55,000 and can earn additional compensation through existing bonus programs at Metro.
Current Metro employees are eligible for any newly created position under the Universal Program Model. Metro will 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.
About Metro Credit Union
Metro Credit Union is the largest state-chartered credit union in Massachusetts, with $2.6 billion in assets. Metro provides a full range of financial products to close to 200,000 members in Barnstable, Bristol, Essex, Franklin, Hampden, Hampshire, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester counties in Massachusetts, and Cheshire, Hillsborough, and Rockingham counties in New Hampshire. Metro is the credit union of choice for employees at over 1,200 companies through its Metro@work program.
Founded in 1926, Metro currently operates 19 branch offices in Boston, Burlington, Chelsea, Dorchester, Framingham, Lawrence, Lynn, Medford, Melrose, Newton, Peabody, Reading, Salem, Tewksbury, and West Roxbury. Metro is a Juntos Avanzamos (“Together We Advance”) designated credit union, an honor given to financial institutions for their commitment to serving and empowering Hispanic and immigrant consumers. Metro was recently named among the most charitable companies in Massachusetts by the Boston Business Journal. Learn more at MetroCU.org and connect with us on LinkedIn.