Healthcare Workers Dissatisfied with Stagnant Pay Raises
Huntsville Hospital isn't alone in looking to labor to provide the wiggle room it needs to stay afloat. Just Google "hospital salary freezes" for the latest round-up of salary and benefits trimming.
Raises stay stagnant
The industry at large isn't in for much of a raise in 2014.
According to a survey on healthcare compensation released by Compdata Surveys last week, raises at critical access hospitals and physician clinics have decreased to 2.6%, compared to 2.8% in 2010. Hospitals have also reduced raises slightly from 2.4% in 2012 to 2.3% in 2013. Overall, the industry-wide forecast for compensation increases in 2012 is 2.4%.
More than 74% of healthcare employers budget pay increases to plan for raises to employee salaries, averaging 2.1%. Thirty-nine percent of healthcare employers will base the pay increases on market-based adjustments, while 18.4% plan to use promotion-based raises. Another 11% of employers will base pay increases on cost of living adjustments, with the average raise in that category at 2.2%.
The Compdata survey, which draws on more than 8,300 healthcare employers, predicts a slightly improving trend for the healthcare industry at-large in 2014, with 2.5% average increases in compensation.
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