Case Study: Freedom Federal Credit Union reduces turnover and improves pay equity with BalancedComp

Freedom Federal Credit Union cuts turnover from 23.4% to 15.8% with BalancedComp

Freedom Federal Credit Union was facing high employee turnover, with a rate of 23.4% during the Great Resignation. To address this challenge and internal pay inequities, the credit union partnered with vendor BalancedComp and utilized its compensation consulting services and tools.

BalancedComp's solution involved a comprehensive recalibration of the credit union’s pay structure to ensure equity and market alignment. This data-driven approach, supported by BalancedComp's expertise, resulted in a dramatic reduction in turnover from 23.4% to 15.8%, saving an estimated $1.4 million in turnover costs and eliminating compensation as a primary employee concern.

Freedom Federal Credit Union