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Proactive Compensation: Getting Out From Behind The Eight Ball

Proactive Compensation: Getting Out From Behind The Eight Ball. GSHHRA Conference June 12, 2014. Introduction. About Compdata Surveys & Consulting Compdata's Experience in Healthcare Getting Proactive Utilizing Survey Results to Support Goals. Compdata Surveys & Compdata Consulting.

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Proactive Compensation: Getting Out From Behind The Eight Ball

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  1. Proactive Compensation: Getting Out From Behind The Eight Ball GSHHRA Conference June 12, 2014

  2. Introduction About Compdata Surveys & Consulting Compdata's Experience in Healthcare Getting Proactive Utilizing Survey Results to Support Goals

  3. Compdata Surveys &Compdata Consulting Mission: Offer Quality Data & Services at Sensible Prices More than 25 Years Partnering with Associations Nationally, more than 50,000 participants every year • 10 Industry Surveys and Executive & Benefits Products • Banking & Finance • BenchmarkPro • Colleges & Universities • Healthcare • Hospitality • Insurance • Manufacturing & Distribution • Not-For-Profit • Physician Compensation • Utilities

  4. Healthcare Experience Since 1988, we have partnered with associations nationwide. We currently partner with nine hospital associations, including: • Arkansas Hospital Association – New in 2014! • Georgia Hospital Association/GSHHRA • Kansas Hospital Association • Kentucky Hospital Association • Missouri Hospital Association • Nebraska Hospital Association • Oklahoma Hospital Association – New in 2014! • South Dakota Association of Health Care Organizations • Tennessee Hospital Association/TSHHRA

  5. Healthcare Compensation SurveysBy The Numbers* Compdata Surveys 13,408 participants MGMA 3,811 participants Sullivan Cotter 1,390 participants Mercer 1,313 participants Hay Group 1,212 participants Towers Watson 372 participants HRadvantage (Gallagher) 200 participants *According to website posts as of May 2014.

  6. About the Survey The HealthcareCompensation & Benefits surveywas designed by healthcare professionals for healthcare professionals. The surveyincludes pay practices and benefits information, along with pay data for 300 job titles. Specifically, participants receive: • Pay data by type of facility, FTEs, revenue, geography, profit statusand number of beds • Average base rates, weighted averages, percentiles, pay rangesand hire-on rates • Per diem, PRN, shift differentials, on-call and call back pay • Average pay rates and hire-on rates for Staff Nurse by years ofexperience • Pay practice questions including pay increase budgets • Benefits data including paid time off, health insurance,retirement plans and more

  7. Compensation ConsultingWhere Data Meets Design We partner with healthcare clients from coast to coast on total rewards projects large & small: System-wide compenstion and benefits projects Performance Management Programs • Physician and Executive compensation reviews • Wide variety of total reward departmental studies: • RN projects, IT studies, career ladder development, etc.

  8. Getting Proactive Put me in my place!

  9. IT Compensation ReviewLessons Learned Can be difficult for those not in high tech industry to compete for IT labor Sometimes limit our pool of candidates by requiring IT experience in healthcare setting Look for ways to make position attractive • Compensation may be one piece • Developing Career Ladders has been successful • Consider technical career progression vs. moving into supervisory or management role

  10. RN PayObservations RN is core position and typically comprises 20 – 25% of the total workforce Complex market realities and complex pay programs Solid compensation philosophy/strategy is needed • Agree upon comparators by size, geography, etc. • Perspectives on this can vary

  11. RN PayLessons Learned Pay for Performance vs. Years of Experience • Blend of both is best so top performers are rewarded and retained (individual contributions recognized) • Turnover will exist – decide on acceptable levels Internal analysis of current pay levels and years of experience tends to be enlightening Examine compensation practices outside of base pay such as: PRN, On Call, Shift Differentials, In-House Agency Rates, Float Pools, BSN Rates and Overtime

  12. What Is Your Labor Market? Four Perspectives to Consider Staff's concept of the labor market HR's observations Leadership's idea of your competition The actual labor market

  13. Staff's Concept "I can go work over there. They pay $$$$!"

  14. HR's Observations HR sees where new hires are coming from. • Applications and resumes show work history. HR knows about voluntary turnover. • Employees often tell you where they are going and why they are making the move.

  15. Leadership's Idea Leadership does not always recognize competition for labor can be different than competition for business. "We don't compete with Atlanta. It's an hour away." "We're smaller than ____. They are not competition." "We have better benefits and a better culture. That's enough to compete with ____."

  16. Your Actual Labor Market All four perspectives may be right! It will be HR's job to manage the discussion.

  17. Online Demonstration www.mycompdatasurveys.com

  18. Questions • If you have questions, contact: • Theresa M. Worman • 1.800.300.9570 • tworman@compdatasurveys.com

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