This Level 1 trauma center and acute care hospital needed a competitive hospital staff compensation strategy to attract and retain quality employees – but lacked the data needed to develop it themselves.
Faced with grossly outdated benchmarking data, our client realized they needed outside help to research and identify competitive hospital staff compensation options that would help them retain quality employees.
Empowering the executive team with the knowledge to select the appropriate members of the custom peer group gave them confidence to pursue development of short- and long-term strategies to address concerns regarding market wage adjustments,” said Theresa Brandon, Managing Director of Novia Strategies.
We brought up-to-the-minute data from comparable hospitals – including ones directly competing for our client’s staff – and deep expertise in industry-leading employee compensation programs to our client. Then we worked shoulder-to-shoulder with the leadership team in an advisory capacity to help them craft a compensation strategy that met their organizational objectives and delivered on their primary goal of retaining quality staff.
- Analyzing data: Bringing current data from comparable hospitals – including direct competitors – ensured our client had the most relevant information.
- Bringing forward best practices: Analyzing the data, examining best practices from hospitals across the country, and taking a close look at regional competitors ensured the leadership was armed with the relevant information needed to make informed decisions.
- Partnering with leadership: Facilitating deep-dive educational sessions and retreats with senior leadership and the Board increased understanding of the data – and more importantly, what it meant to their organization and staff.
- Digging into the financials: Providing analytics for key positions enabled our client to estimate the financial impact of the various peer group options.