Compensation & Benefits
Here are some things to keep in mind as you assess your comp packages.
- Are Sign On Bonuses Necessary?
- 5 Perks & Benefits Employees Care About Most
- Are You Offering The Right Wages?
- Why Student Loan Debt Matters
- This Benefit Keeps Getting More Important
Schedule a free strategy session today to discuss your comp/benefits and staffing challenges.
For some positions, yes! The competition is so fierce, that an initial bonus offer can tip the scale toward your organization being their next employer. Right now, 80% of healthcare organizations are offering sign-on bonuses—up from 54% in 2010. We have a pulse on the markets we serve, understand when/if a bonus (or other incentive) is needed for a particular position, and can advise you to help you attract top talent.
In a recent survey conducted by Glassdoor, here are the top 5 perks and benefits employees care about most:
- Healthcare Insurance
- Vacation/Paid time Off
- Performance Bonus
- Paid Sick Days
- 401k, retirement Plan and/or Pension
As the demand for quality healthcare professionals outpaces the talent available to healthcare employers, the cost of compensation continues to rise. Since 2006, there has been a 12.9% wage growth in the healthcare industry (source: U.S. PAYSCALE INDEX). Are your wages keeping pace? What industry sources are you using to gauge whether your wages are competitive? We can help you determine whether the wage you are offering is in line with the talent you seek.
86% of graduates in the medical field carry educational debt, according to the American Medical Student Association. New RNs and other clinicians typically enter the workforce with thousands of dollars in student debt. If you’re an employer trying to entice new grads, you should consider creating a program that rewards clinicians over time with some form of student loan debt reduction.
You offer a great wage, benefits package and excellent work environment. What else is important to attract more top talent? According to the Society for Human Resource Management’s 2017 Employee Benefits Survey, employees are looking for help with long-term financial planning. They want help planning their future goals. In fact, 49% of employers now offer some type of financial advice, up from 36% last year.