San Diego is an expensive place to live. With gas prices still exceeding $3 per gallon, average home prices hovering around $480,000, and monthly water bills that dwarf most car payments, many residents in "America's Finest City" live financially on the edge to enjoy wonderful weather, the beach, nearby mountains, and much more. It's for this reason that California Coast Credit Union has instilled a new pay philosophy for its employees called the "Living Wage."
To tell us about the Living Wage, we invited CalCoast's President/CEO Todd Lane on the show. Todd gave us the details on this new philosophy his credit union recently instilled, why they did it, how to get buy in from the Board, a three-step process to come up with this ever-evolving pay scale, benefits to the credit union, how the recent California $15 minimum wage initiative affected this decision, and what advice Todd has for other credit unions considering a similar move.
A fascinating and very timely topic -- and Todd delivers a very compelling message looking out for his employees. This philosophy can also be implemented by any credit union nationwide -- not just the ones located in expensive parts of the country. So check it out and let us know what you think.
You can also see the original story on CreditUnions.com, written by Marc Rapport.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.