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.
As part of an educational series from the MHA Endorsed Business Partners, Salary.com shared the following three resources for hospital leaders to consider in developing compensation strategies.
As part of its Get Pay Right podcast series, Salary.com explores Remote Work and Compensation. In this episode, Salary.com leaders share insights from the latest research and discuss how to define a strategy for remote pay and ways to address the impact on compensation, pay equity and culture.
As organizations evaluate their post-pandemic hiring practices, many are offering signing bonuses to stand out in the shifting war for talent, but is this a short-term fix? Salary.com’s recent New Hire Pay Practices Pulse Survey shows the extent to which organizations are increasing pay levels to attract top talent and how new hire pay practices are impacting internal equity. The results highlight important findings that organizations should consider as they define their post-pandemic practices.
Finally, Salary.com shared new findings from the annual National Salary Budget Survey. Planned 2022 salary increases for U.S. workers are trending upward, breaking a 10-year flat cycle. Forty one percent of organizations will have a higher salary increase budget in 2022 than 2021.