1 Compensation Options in Health Care Organizations Compensation and benefits are important to employees. Benefits are the indirect pay, whereas compensation refers to the direct pay to the employees (Gupta, 2020). These elements are defined in terms of employment for an organization. Compensation and benefits play an important role in attracting and retaining employees (WorldatWork, 2021). This presentation looks at the compensation models at the hospital together with the retirement benefits for employees.
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2 Current Monetary Compensation Models The monetary compensation models at the hospital are salary, bonuses and hourly payments. Bonuses are paid at the end of the year, whereas salaries are paid monthly for all hospital employees. How Monetary Compensation is Determined Hourly compensation is calculated in terms of hours worked at the hospital. Average hospital workers make approximately $34 an hour. These employees may work for 37 hours a week. The salaries of employees are determined by the skills and educational level of the employees. Junior staff nurses at the hospital earn approximately $5,000 per month. Health Care and Other Insurance Available The health insurance plan available in the hospital is the health maintenance organization (HMO). This plan offers the least freedom to select care providers since services are provided through a network of facilities and providers.
3 Retirement Benefits All employees at the hospital have access to a retirement benefits plan. The 403(b) provides employees with a tax-sheltered annuity plan. The terms of this plan require employees to make monthly contributions from their salaries (WorldatWork, 2021). Employee Eligibility for Insurance and Retirement Benefits Eligibility for pension requires the employees to have completed 1,000 hours of service. The employees must complete the targeted hours within 12 months. All employees are eligible for the health insurance plan. Time Off The hospital also provides fringe benefits to the employees. For instance, employees are encouraged to participate in the hospital gym to improve their physical health. Employees are also entitled to annual leave.
4 References Gupta, I. (2020). Compensation and Benefits Manual - User Guide: For HR and C&B Professionals. Independently Published. WorldatWork (2021). The WorldatWork Handbook of Total Rewards: A Comprehensive Guide to Compensation, Benefits, HR & Employee Engagement. John Wiley & Sons.