Here are five additional statistics on compensation at Mayo Clinic:
1. From 2015-18, Mayo Clinic’s CEO salary grew by 36.9 percent. Gianrico Farrugia, MD, who became CEO of Mayo Clinic in 2019, saw his salary grow by 101 percent from 2015-18, according to the Post Bulletin.
2. During that same time, general raises for Mayo Clinic employees were between 2 percent and 5 percent annually.
3. In 2018, 8,432 employees earned $100,000, up from 7,117 employees who earned the same in 2017.
4. A recent review of 2,845 physicians’ pay at Mayo Clinic suggests a structured, salary-only compensation model has effectively eliminated pay disparities at the health system. The structure has been in place for more than four decades.
5. A new salary adjustment will take effect Feb. 19 for Mayo Clinic employees. Pay ranges will increase by 2 percent, with a 2.75 percent multiplier based on the new maximum for eligible staff, according to the Post Bulletin.
Read the full Post Bulletin article here.
Editor’s note: This article was updated Jan. 23, 2020, to include corrected information from Mayo Clinic. The number of million-dollar employees in 2017 was 20, not 14. And the number of employees who earned $100,000 in 2017 was 7,117, not 1,716.
More articles on compensation:
10 highest-paying nurse practitioner specialties
How UMass Memorial cut executive payroll in half
Sentara pledges to reach $15 minimum wage by 2022
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
