While hospitals and health systems struggle with staff shortages, they're making major investments in employee compensation.
Six compensation initiatives announced in November, as reported by Becker's:
1. Spectrum Health to make $117M investment in higher pay, bonuses
To retain and recruit employees, Grand Rapids, Mich.-based Spectrum Health plans to spend $117 million for pay increases and bonuses, MiBiz reported Nov. 21.
2. Advocate Aurora Health invests $93M to boost minimum wage
Advocate Aurora Health will invest $93 million to boost its minimum hourly wage, the health system said Nov. 11.
3. Overlake Medical Center invests $23M in workforce
Bellevue, Wash.-based Overlake Medical Center & Clinics is investing $23 million in its workforce, which includes retention bonuses and a minimum wage increase.
4. Maine hospital raises minimum wage to $17 an hour
To improve retention and recruitment, Bangor-based Northern Light Eastern Maine Medical Center is increasing its minimum wage to $17 an hour, which will affect nearly 2,000 employees, the Bangor Daily News reported Nov. 5.
5. Augusta Health to invest $10.6M in employee compensation
Fishersville, Va.-based Augusta Health will spend $10.6 million on employee compensation improvements, which go into effect Dec. 5.
6. 92,000 UPMC employees to receive $500 bonus
All 92,000 staff members of UPMC are set to receive a $500 bonus to thank them for their work during the COVID-19 pandemic.