Healthcare Flux Alters Compensation Mix
Even in the face of an uncertain economy, the challenges and pitfalls of healthcare reform, and the recent deceleration in job growth, hospital workers and executives have done relatively well this year with pay raises.
Hay Group's 2012 Healthcare Compensation Study shows that hospitals increased base salaries by an average of 2.9% in 2012, compared with 2.5% in 2011, and 2.4% in 2010.
A further breakdown shows that employees at larger integrated systems received median base salary raises of 2.9%, down from 3% in 2011, and hospital employees received 2.4% base increases, slightly up from 2.3% in 2011.
These figures will not inspire cartwheels. They're about in line with other estimates on compensation increases in other parts of the economy. However, it's worth remembering that these raises come with inflation at 1.7% as measured by the Consumer Price Index, and with an unemployment rate of 8.3% in the larger economy. Relatively speaking, healthcare workers and executives are doing all right.