HR Pulse - Fall 2008 - (Page 40)

>> RETAINING SCARCE, CRITICAL TALENT emphasizing “keeping skills fresh” and “continuous growth and learning” • Career opportunities: Throughout career with the opportunity to play various roles and with rewards and praise paralleling increases in value • Pay and rewards: Integrated with all other efforts to retain scarce/critical skilled professionals and reﬂective of value they add to patient outcomes and clinical metrics. CEOs and HR leaders realize that not enough emphasis has been given to retention of scarce/ critical talent as a priority essential to organizational performance. Now CEOs are making good on their promises to give priority to key talent. “They stay because you have programs that they understand, are speciﬁc, and beneﬁt them. They leave because you made promises you don’t keep or because they have better alternatives,” one CEO said. Pay and Rewards Strategies An HR “sage” once said, “People—not jobs— are what make organizations go. I have never seen a job do anything good or bad. People matter.” Yet most pay and rewards solutions emphasize jobs as their core element. Because scarce/critical people have the skills the medical center needs to achieve success, many of the surveyed medical centers are focusing on ways to use both base pay and variable pay to reward scarce/critical talent for a combination of skill growth and performance. Rewarding individual performance is the objective for total cash compensation programs for two-thirds of the study participants. About half reward an individual’s skill growth and usage. Only about one-ﬁfth do not have an objective of paying for performance but pay for tenure/service, internal equity, or social justice. Base Pay Two-thirds of the study participants position base pay for some or all of their scarce/critical talent roles more competitively than the labor market at median/average. In fact, half pay all of their scarce/critical talent a higher wage. A few lead the market as the highest payer. About half of the medical centers provide base pay increases for skill growth. Two-ﬁfths have programs to ensure that the highest-performing critical/scarce talent earn the highest base pay. Most of the study participants have annual reviews of individual performance and/or skills, but one-ﬁfth provide quarterly reviews that may result in base pay increase and/or lumpsum payment to ensure the medical center keeps up with the labor market and recognizing the individual’s acquisition of skills. 40 HR Pulse Fall 2008 SEE US AT THE 44TH ANNUAL ASHHRA CONFERENCE IN AUSTIN, TX BOOTH # 816 Why do hospitals choose National Beneﬁts Partner for their Group Term Life Insurance? Low and Stable Rates National Benefits Partner has provided Group Term Life rates as low as $0.10 to the healthcare industry for over 10 years. We offer low and stable rates through the Healthcare Employers Assurance Trust, which is a fully insured trust serving over 200 hospital members. By choosing National Benefits Partner you also gain access to our premium administrative and benefit communication services, which set us apart from a typical broker or agency. Call us today for a no obligation review of your current beneﬁts package at (800) 583-1571. Let us save you time and money. www.nationalbenefits.com Preferred provider of Life and Disability beneﬁts for Children’s Miracle Network afﬁliated hospitals. 383596_NationalBenefits.indd 1 8/1/08 2:17:08 PM http://www.nationalbenefits.com

Table of Contents Feed for the Digital Edition of HR Pulse - Fall 2008

HR Pulse - Fall 2008 Contents Pulse Points Executive Director’s Letter President’s Message HR Leader Profile: Irma Pye Sammy’s House: Making a Difference in Austin Working Mother Magazine’s 100 Best Companies Increasing CEO Engagement Pastoral Care Retaining Scarce, Critical Talent The Engagement Dilemma Diversity Considerations…More than AAP & EEO Quashing the Workplace Bullying Bug How to Become a Strong Human Resources Partner Citizen Lobbyists Descend Upon Capitol Hill Conference Highlights Schedule at a Glance Sponsors Exhibitors Advertisers’ Index

HR Pulse - Fall 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.