Mayo Clinic to give 2% raise with multiplier

Rochester, Minn.-based Mayo Clinic will provide its employees with a 2 percent raise in 2022 with a 2.75 multiplier, which is the same as the raise they received in 2020 before the pandemic and less than the national trend, the Post Bulletin reported Jan. 18.

A survey of 240 companies by international research group the Conference Board discovered an average raise of 3.9 percent for 2022, while a survey of 1,004 companies by research firm Willis Towers Watson found an average raise of 3.4 percent.

Mayo Clinic's revenue increased by 18.2 percent — from $3.39 billion to $4.01 billion — in the third quarter of 2021 compared to the same quarter in 2019, according to the Post Bulletin.

The two surveys said the wage increases are because of inflation and a tough labor market, according to the Post Bulletin.

The raise goes into effect March 16 and will be in employees' paychecks starting April 5. The system has about 73,000 employees.

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars