Swap Spreadsheets for a Sound Healthcare Compensation Management Strategy
November 26, 2018
This blog post is the third of four excerpting our article, It Pays to Overhaul Compensation: Boost Retention and Operational Efficiency.
To address the multifaceted and often thorny issue of how to do a better job managing compensation, HealthStream began to study compensation’s many pain points from an administrative perspective. The idea was not only to explore issues from the employee’s perspective, but also to find ways to address them in a way that made sense for operations.
The resulting innovation, the HealthStream Compensation Planner (HCP), is a cloud-based solution that reaches across the compensation continuum to leverage multiple positive results. It takes a problem that has been ranked fourth in reasons for healthcare-worker turnover, according to NSI Nursing Solutions Inc., and wrestles all its parts into a strategy for outcomes that improves budget adherence, provides individualized recognition, boosts transparency and compliance, empowers managers, and most importantly, creates happy employees.
Rewards for More than Just Performance
“There needed to be something that did more than allow managers to reward for performance,” Holbert says. “HCP takes that input into account, but also makes sure that compensation is tied to other areas; such as learning, initiatives around advancement, and the organization’s overall growth strategy. It takes compensation away from being a once-year conversation, and makes it a part of everyday business functions.”
And while larger entities will benefit from deploying HCP, smaller organizations often share similar struggles, so they can also see great benefit.
Employees = Compensation Issues
“If you have employees, you have compensation issues,” Holbert says. “In fact, their ROI on this tool is often much higher, because they are unaware of just how problematic their compensation planning approach, or lack thereof, is in terms of hindering overall growth and efficiency.”
The full article also advises healthcare leaders to:
- Begin Thinking About Compensation Strategically
- Create Frequent Compensation Rewards
- Use Technology to Untangle a Complex Issue
Download the article here.