HOW SALARY SURVEY HELP THE HEALTHCARE ORGANISATION TO RETAIN THE STAFFS
INTRODUCTION
Surveys collecting information about employee compensation, including salary and benefits, are commonly called salary surveys. Salary surveys are conducted with numerous healthcare staff to determine pay levels for specific job categories.
Considering the above facts, Hospaccx team work on the salary survey in healthcare. This is macroficial study on how salary survey help the healthcare organisation to retain the staffs, if you want to get into more detail you can contact hospaccxconsulting.com
OBJECTIVES OF SALARY SURVEY
- To gather information regarding the healthcare industry standards
- To know about the remuneration patterns in healthcare industry i.e. compensation offered by the competitors.
- To understand the fair compensation system in present healthcare scenario.
- To understand the most competitive reward strategies, both short term and in the long term.
- To benchmark the compensation strategies.
IMPORTANCE OF SALARY SURVEY
- Salary surveys help determine wage levels, or how much to pay for certain positions in healthcare organisation.
- Salary surveys help uncover wage trends, or fluctuations in compensation.
- Salary Surveys helps a healthcare organisation in legal compliance and not at risk for “price fixing”.
- It helps to formulate a healthcare organisations overall compensation strategy and forms a foundation for plans that are internally equitable and externally competitive.
- It provides a relevant basis for HR’s decisions on salary, incentives and bonus plans.
- It help a healthcare organisation’s break down how to divide compensation among the various available categories.
- It is used in internal wage decision or negotiating with healthcare staff groups or deciding how to plan for salary increase that are competitive among healthcare industry of their type in the market.
COMPENSATION STRATEGY
Compensation strategy is derived from the healthcare business strategy. The healthcare organisation’s goals and objectives are always aligned with HR strategies. Compensation strategy depends on both internal and external factors as well as culture and background of healthcare organisation.
Types of Compensation
- Direct Compensation
- Indirect Compensation
- Direct Compensation
Monetary benefits offered and provided to employees in return of the services they provide to healthcare organisations. They are given within a definite time frame i.e. monthly, yearly or end of the services.
2. Indirect Compensation
Non-monetary benefits offered and provided to staff costing healthcare organisation in monetary terms.
PAYROLL OUTSOURCING
Involves an external organisation, performing all the activities related to payroll management.
SALARY SURVEY METHODOLOGY
- Questionnaire Preparation
Questions are form to understand the employee’s satisfaction towards salary, compensation practices in healthcare organisation.
Eg: – Questionnaires for Employees Satisfaction towards Monetary Compensation
- Data Collection
It is the process of gathering and measuring information on variables of interest, in an established systematic fashion. Data is collected or questionnaires are filled by healthcare organisations Staff i.e. Nurses, doctors, Management staffs and etc.
- Data Analysis
It is a process of inspecting, cleansing, transforming, and modelling data with the goal of discovering useful information, informing conclusions, and supporting decision-making. The collected data are analysed using suitable tool and evaluate outcomes.
- Report Preparation
Report is prepared based on the analysis i.e. level of healthcare staff’s satisfaction irrespective of salary.
- Gap Analysis
It is a method of assessing the differences in level of salary satisfaction among healthcare staff and to determine whether healthcare organisation’s requirements are being met and, if not, what steps should be taken to ensure they are met successfully.
Eg. If the staff salaries are not as per the healthcare industry market, this would help in comparing and working on the same to meet industry standards.
CONCLUSION
Salary Survey support for the new compensation system; pay innovations and market- and performance based reward systems; aligning benefits programs with the market; and attention to work life balance issues will continue to foster an environment in which healthcare staff that can be successful and engaged in serving a healthcare organisation.
Are you planning to conduct a salary survey in your Healthcare organisation?
We can help you with effective human resources planning or survey for your healthcare organisation, which would help for new compensations, pay innovations and reward system.
Below are the services that we offer:-
- Human resources planning
- Recruitment
- Formulating HR policies, systems, and procedures
- Performance management
- Motivation & work culture
- Training and Development
- Reward management
- Compensation System and Policies
It is the superficial and macro level study for more details kindly contact Hospaccx Healthcare business consulting Pvt. ltd on hospaccx.india@gmail.com Or you can visit our website on hospaccxconsulting.com
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