Hospitals and health systems continue to transform, and compensation practices need to keep pace. Staff retention has become a top concern, and diversity and pay equality issues are critically important.
An organization’s compensation philosophy is the first step toward fair and competitive pay, leading to higher retention rates and the ability to attract top talent. Employers can open the level of transparency throughout the organization and develop trust among employees. The philosophy will help answer employees’ questions about how their pay is determined.
Downloading Salary.com’s “10 Compensation Best Practices” e-book will help healthcare leaders review their compensation philosophy in the context of today’s human resources challenges and discover other strategies for setting appropriate pay structures in 2022.