The minimum wage is up to $20 an hour. It is done by a Security Service Federal Credit Union in a local region in the South. They got on board with the raise because they saw another neighboring Randolph Brooks Federal Credit Union increasing their minimum wage. Thereby increasing its minimum wage from $15 to $18.
The Security Service said in its announcement that the raise is an “industry-leading move.” This statement took place on Thursday. It would set the pay floor that “is one of the highest in the financial services sector.”
Minimum Wage: Caring about the People
“In fact, this move is about people, and how we enable our best and brightest talent to be successful at work and in life,” President/CEO Jim Laffoon said. “This urgent and pertinent action says the message to our employees that we not only really value them, but that they are a top success factor in achieving the future we want for our company and for our members.”
Therefore, this move is following similar moves in the financial industry and elsewhere.
PNC, did became a big player in Texas when it bought the Houston-based BBVA USA for $11.6 billion in June. In late August, it was announcing it would raise its minimum pay from $15 to $18 per hour. This starts November 22nd.
The Randolph-Brooks of San Antonio is the nation’s 10th-largest credit union. it was announced on September 13th. It would match PNC’s raise. Thus making it effective this month.
In San Antonio, Security Service with $10.2 billion in assets, 799,007 members, is the nation’s 19th-largest credit union. It has more than 1,900 employees in locations throughout Texas and two other states.
Wage Increases Benefits Many Employees
The EVP and chief human resources officer Cindy Moran say said the increase is going to impact close to 400 employees with the largest percentage of those being those who have served the credit union’s members in branches and through the member contact center.