Archived Publications Ebook: Using Goal Setting and Performance Manageme | Page 28

Summary
Employee turnover is a very real issue for healthcare
organizations, but compensation planning can be a very
effective retention tool. While we are not suggesting that
your compensation department can solve your turnover
issues alone, a properly thought out and implemented
strategy can dramatically improve your retention results. 3. Build a Pay for Performance Model – Identify how to
categorize your employees and outline a clear model for
goals, benchmarking, and bonuses.
The 5 ways we covered include: 5. Create a Compensation Communication Plan – Utilize
a compensation management system, total rewards
statements, and/or calculators to show employees the
full value of employment.
1. Define Your Compensation Strategy – Outline a clear
compensation mission statement that identifies your
budgeting model, market positioning, and organizational
alignment.
4. Pay Competitively. Pay Appropriately. Pay Accurately. –
Know your data and know your market before you make
important compensation decisions.
2. Identify Your Critical Healthcare Talent – Utilize your hiring
and line managers, performance management, succession
planning, and stay interviews to identify your key and
at-risk talent.
MOVE FROM MANAGING SPREADSHEETS TO EXECUTING A
COMPENSATION STRATEGY THAT DRIVES TALENT OUTCOMES
HealthStream Compensation Planner (HCP) is a complete, cloud-based compensation
management solution that goes beyond automation. Using HCP, healthcare organizations can
manage the annual compensation cycle to positively affect employees (performance, engagement,
retention) without overwhelming HR or line managers with spreadsheets. This tool ensures that
healthcare compensation remains fair, secure, within budget, and tailored to each employee.
REFERENCES CITED:
Colosi, Brian, “2017 National Healthcare Retention & RN Staffing
Report,” NSI Nursing Solutions, Inc., www.nursingsolutions.com,
March 2017.
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More Than One Third of Employed Health Care Workers Plan
to Look for a New Job This Year, CareerBuilder, https://
www.careerbuilder.com/share/aboutus/pressreleasesdetail.
aspx?sd=4%2F30%2F2013&id=pr754&ed=12%2F31%2F2013,
2013.
HealthStream E-Book:
Improve Outcomes Through
Goal Setting
HealthStream.com/contact
• 800.521.0574
• and Performance Management
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