In today’s environment, compensation planning is no longer just about making sure everyone is paid correctly (although that is still important); it is a tool that can be used to dramatically improve retention using many of the systems your organization may already have in place. In this report, we’ll share 5 ways healthcare providers can better utilize their compensation planning to improve employee retention, including:
1. Define Your Compensation Strategy
2. Identify Your Critical Healthcare Talent
3. Build a Pay for Performance Model
4. Pay Competitively. Pay Appropriately. Pay Accurately.
5. Create a Compensation Communication Plan