More and more often, employers are offering physicians perks such as sign-on bonuses as part of their recruitment efforts, according to the 2014 Physician Compensation and Productivity Survey from Sullivan, Cotter and Associates.
The survey also found the number of employers that offer retention bonuses and student loan assistance for physicians has also exploded just since last year.
Listed below are additional compensation highlights from the study.
- In 2014, 78 percent of employers offered physicians sign-on bonuses as part of their recruitment package, up from 74 percent in 2013 and up from just 49 percent in 2007.
- The median sign-on bonus amount is approximately $15,000, the same as last year but $5,000 less than in 2012.
- Retention bonuses also increased in prevalence from 17 percent in 2013 to 27 percent this year.
- The size of retention bonuses for staff leaders is about $10,000. Physician leaders' median annual retention bonuses equal roughly $20,000.
- The prevalence of student loan assistance has nearly doubled, from 16 percent in 2013 to 30 percent in 2014.
- The median annual student loan payment increased to $25,000 in 2014 from $20,000 in 2013.