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.
Salary benchmarking is a process by which managers match internal jobs and their descriptions to similar jobs and descriptions in a salary survey or other source of market pay data to identify the market pay rate for each position. As one of the MHA’s Endorsed Business Partners (EBPs), Salary.com offers pricing intelligence and strategic solutions to workforce challenges.
In a typical year, annual salary benchmarking helps ensure that an organization’s internal pay rates remain competitive within local pay markets. In 2021, salary benchmarking takes on a new level of importance as organizations have been impacted enormously by the COVID-19 pandemic and undergone major shifts in employment and pay rates. These shifts have not been the same across every industry or job type, so it’s critical to plan benchmarking initiatives using the most current compensation data from trusted sources.
When pricing a new position, it's important to understand not only the key attributes of the positions being considered, but also the best source for the data necessary to conduct an accurate market assessment and salary comparison. The first step in this process is to define the internal position, documenting the key job requirements and attributes in a job description. Then select a relevant data source for the business and compare the jobs and job descriptions there to find the best match for the job being priced. This is critical to an effective salary benchmarking exercise.
MHA members are eligible for discounted prices for Salary.com’s trusted human-resource-sourced data. Special offers from Salary.com allow MHA members to stay competitive and set pay appropriately while being fiscally responsible.
Visit the MHA EBP webpage to learn more about available member resources. Questions regarding the EBP program should be directed to Peter Schonfeld at the MHA.
During this time of both economic and societal upheaval, organizational commitment to fair pay remains high, according to the 2020 Pay Practices and Compensation Survey published in December by MHA Endorsed Business Partner Salary.com. Seventy-three percent of the surveyed organizations agree or strongly agree that their employees are paid fairly, and almost half rated their employee engagement as "excellent or above average." However, the survey revealed a lack of structure to support and validate that fair pay commitment. More than half (56%) of the responding organizations do not have a formal process in place to address pay equity.
On a more positive note, formal compensation philosophies are slowly gaining more traction, with 62% of participating companies reporting having a compensation philosophy, up from 57% in 2019. However, 74% of these organizations still do not provide formal training to managers on how to talk with their employees about pay. To integrate a greater understanding of a compensation philosophy, employers must increase their level of transparency. This requires the review and improvement of pay policies and practices so they will be perceived by employees as fair in terms of being externally competitive and internally equitable.
To help organizations design, manage and improve their human resources compensation strategies and fair pay processes, Salary.com now offers free benchmark job reports to MHA members. These customizable reports leverage Salary.com's largest, most comprehensive compensation dataset of over 80 million records and 15,000 job titles across 225 industries and subindustries. Members receive access to aggregate compensation data for every state, major metro area and ZIP code nationwide. Additional reports are discounted off the Salary.com suggested retail price of $245 for members. Visit the Salary.com endorsed business partner profile page to learn more. Members should contact Peter Schonfeld at the MHA for more information on the MHA Endorsed Business Partner program.
Salary.com, an endorsed business partner of the MHA and a leading software provider of cloud-based compensation data, software and analytics, released new survey data that shows 66% of employers either reduced their workforce or negatively impacted employee pay in response to COVID-19, though just 10% of survey respondents expect the layoffs to be permanent.
The downloadable summary report provides the results of the COVID-19 Compensation and Benefits Impact Survey that Salary.com conducted in mid-April. The survey targeted 1,176 compensation managers across the U.S. and Canada to better understand the full range of actions that employers and human resources professionals are taking in response to the COVID-19 pandemic. The report provides details on industries most impacted by the current crisis, as well as how organizations are adjusting base and variable pay and long-term compensation strategies.
Industries such as healthcare, retail (brick and mortar), manufacturing, and nonprofits — hit the hardest by the economic downturn — were more likely to take multiple negative actions that impacted employee pay. For all industries, 20% of employers eliminated planned merit raises for 2020 and another 24% are postponing merit increases. Within the healthcare sector, 52% indicated no change in merit increases in 2020, with another 31% indicating they did not know whether there would be a change. In terms of staffing, 26% of healthcare sector respondents implemented furloughs compared to an average of 30% in all industries. Additionally, 16% of healthcare respondents indicated an increase in temporary hiring, with another 15% indicating an increase in permanent hiring.
Salary.com plans to update the survey data quarterly to help organizations with total compensation decisions. Information on the complete Salary.com survey catalog and how to participate in future surveys, including the COVID-19 Compensation and Benefits Impact Survey and the 2020 Salary Budget Survey, is available on the Salary.com website. Members with questions may contact Greg Leonard at Salary.com. For more information on the MHA Endorsed Business Partner program, contact Rob Wood at the MHA.
The Michigan Legislature recently dealt with legislation that would impact hospitals and healthcare in the state, including proposals to reform and repeal Michigan’s Certificate of Need (CON) program. The Senate Health Policy and Human Services Committee, chaired by …
A proposed policy that would have had a significant impact on the 340B prescription drug program for hospitals in Michigan has been dropped by the Michigan Department of Health and Human Services (MDHHS). The proposal would have carved …
Hospital and health system leaders continue to revolutionize their organizations in many ways to better serve patients, attract physicians and achieve success in a challenging environment. This includes growing outpatient strategies and striving for a diverse …
Feb. 12 marked the halfway point for the MHA Workplace Safety Collaborative’s Safe Patient Handling and Mobility Collaboration calls, which began Oct. 9 and will occur bimonthly through Aug. 12. The series provides support for the implementation …
The MHA recently hosted a series of webinars highlighting the cutting-edge and cost-effective solutions available to Michigan hospitals through its Endorsed Business Partner program. The program launched in 2018 to assist hospitals as they work to avoid unnecessary costs …
Medical Education Step 1 Change is a Small Step in the Right Direction
“[T]he U.S. Medical Licensing Examination (USMLE) announced a major policy change: the compulsory exam known as Step 1 would cease to be reported with a three-digit score but instead become pass/fail as early as 2022. That’s big news for America’s 92,758 medical students in America’s 192 Schools of Medicine and Osteopathy.”
Read recent coverage about the MHA, including an article from MiBiz that reviews Gov. Gretchen Whitmer’s call to incorporate elements of the federal Affordable Care Act into state law and features comments from Laura Appel, senior vice president and chief innovation officer, MHA.
The MHA recently hosted a series of webinars highlighting the cutting-edge and cost-effective solutions available to Michigan hospitals through its Endorsed Business Partner program. The program launched in 2018 to assist hospitals as they work to avoid unnecessary costs, recover revenue, reduce operating expenses, improve management and quality, increase productivity, develop staff resources and apply new strategies. The webinars highlighted the member benefits provided by each participating endorsed business partner.
The MHA hosted a webinar Nov. 19 with MCAG, an industry leader in the class action settlement recovery business, highlighting current and upcoming class action settlements. A recording and materials are available from the webinar for members who were unable to participate. To learn more and sign up for MCAG’s Settlement Recovery Service, visit its website for MHA members and click the “Enroll Now” button.
A webinar titled Elevating RN Practice Through Innovative Daily Care Coordination Processes was held Jan. 14. It gave Michigan hospitals the opportunity to learn how Care Logistics helps hospitals and health systems across the country to achieve dramatic results in patient flow, throughput, quality and experience. The webinar highlighted a case study from Mercy Medical Center in Canton, OH, where Barbara Yingling, chief nursing officer, successfully addressed these common challenges through the implementation of an innovative inpatient care progression model. Members who were unable to participate may access a recording and materials from the webinar online.
The MHA hosted a webinar Jan. 28 with its endorsed business partner Salary.com that focused on four things organizations can do in 2020 to improve their compensation programs. Attendees learned about reviewing an organization’s compensation philosophy and strategy, metrics that indicate compensation program health, tasks to perform on a regular basis and ways to use the MHA Salary Survey. Members may review these lessons for compensation programs online, where a recording and materials from the webinar have been posted.
The MHA has partnered with CommerceHealthcare for over a decade with its accounts payable (AP) program. Many hospitals have benefited from additional revenue through this program, even supplementing existing AP programs and services to deliver value. The MHA hosted a webinar Feb. 5 titled Transforming the Healthcare Financial Experience with CommerceHealthcare. The webinar highlighted solutions to help get providers out of the business of banking and put the focus back on the patient experience. For additional information, contact Dan VandenBosch at CommerceHealthcare at (616) 233-0430.
Members with questions about the Endorsed Business Partner program or the webinar series should contact Rob Wood at the MHA.
Michigan’s 7.2 million licensed drivers know little about the state’s new auto no-fault insurance law that takes effect July 1 with a menu of first-time coverage choices and exceptions that could lower premiums and substantially limit medical care …
U.S. Supreme Court Declines Request to Expedite Ruling on Fate of Affordable Care Act
The U.S. Supreme Court declined a petition to review and overturn a recent Fifth Circuit Court of Appeals ruling on the Affordable Care Act (ACA). The Fifth Circuit found the ACA’s individual insurance mandate to be unconstitutional and sent …
Members of the Bronson Healthcare team testified before the Senate Health Policy and Human Services Committee Jan. 23 to advocate for House Bill (HB) 4862 on behalf of medical providers living with critical incident stress. The bill would expand …
The Michigan Senate Insurance and Banking Committee approved legislation Jan. 22 to address the issue of surprise medical bills. Also referred to as balance billing, surprise medical billing occurs when patients are unexpectedly held responsible for …
Registration is open for the MHA Keystone Center Patient Safety Organization (PSO) Annual Meeting, which will be held from 8 a.m. to 3 p.m. March 11 at the VisTaTech Center – Schoolcraft College, Livonia. A virtual option is available for those …
Overpayments to healthcare providers receiving Medicare reimbursements can result in civil and criminal enforcement action if providers are not diligent in compliance with reimbursement rule requirements. Healthcare providers cannot keep money paid …
The MHA’s Ludwig Community Benefit Award is presented annually to recognize MHA-member healthcare organizations that demonstrate community benefit by improving the health and well-being of their communities through collaborative health, economic …
Read recent coverage about the MHA, including a roundup of articles from across the state about recent research that finds Michigan drivers are largely unfamiliar with the state’s new auto no-fault insurance law that will take effect July 1.
Upcoming events and important healthcare news for the week of Jan. 27:
The MHA is hosting a series of webinars highlighting the cutting-edge and cost-effective solutions available to Michigan hospitals through its Endorsed Business Partner program. A webinar titled Compensation Wellness: Four Things to Make a Priority in 2020 will be presented by Salary.comat noon Tuesday. The webinar will cover reviewing an organization’s compensation philosophy and strategy, metrics that indicate compensation program health, tasks to perform on a regular basis, and ways to use the MHA Salary Survey. The webinar is offered free of charge, but registration is required.
Learning Webinar 1 of the Great Lakes Partners for Patients Hospital Improvement Innovation Falls Improvement Sprint series will take place from 11 a.m. to noon Tuesday. This webinar will focus on common themes identified through a hospital’s submission of the Process Improvement Discovery Tool. This tool is completed through chart audit and demonstrates current performance, which is essential to understand before addressing gaps to achieve desired performance. Participants will also review the Desired Performance Statement in Behavioral Terms tool that participants will complete and submit prior to Learning Webinar 2. For more information, contact the MHA Keystone Center.
Learning Webinar 1 of the Great Lakes Partners for Patients Hospital Improvement Innovation Readmissions Improvement Sprint series will take place from 2 to 3 p.m. Thursday. The webinar will focus on common themes identified through a hospital’s submission of the Process Improvement Discovery Tool. The tool is completed through chart audit and demonstrates current performance, which is essential to understand before addressing gaps to achieve desired performance. Participants will also review the Desired Performance Statement in Behavioral Terms tool that hospitals will complete and submit prior to Learning Webinar 2. For more information, contact the MHA Keystone Center.
The MHA hosted a webinar Jan. 14 with its endorsed business partner Care Logistics, an industry leader in improving patient flow, throughput, quality and experience. The webinar highlighted a case study from Mercy Medical Center in Canton, OH, where Barbara Yingling, chief nursing officer, successfully addressed these common challenges through the implementation of an innovative inpatient care progression model. A recordingand materialsare available from the webinar. Members with questions about accessing these materials should contact Rob Wood at the MHA.