Hospital wage inflation is slowing, with hourly wage growth averaging 3% in 2024, compared to 4.2% in 2023, according to a Sept. 9 Fitch Ratings report.
Compensation Issues
Average weekly travel nurse pay in the U.S. in August was $2,265.01, down 0.41% from the previous month and down 4.96% from August 2023, according to data shared with Becker's from Vivian, a healthcare career marketplace.
About 4 in 10 U.S. workers report feeling well compensated in their roles, according to an Aug. 29 Linkedin News post.
Hospitals and health systems continue to modify their executive compensation and recruitment strategies to stay competitive.
The University of California in Oakland has offered wage increases totaling $260 million to members of the Union of Professional and Technical Employees who work across its 10 campuses, six academic health systems and three nationally affiliated labs.
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About 700 resident physicians and fellows at the University of New Mexico in Albuquerque will receive a 5% salary increase, union and UNM spokespeople confirmed to Becker's.
More than 800,000 healthcare workers in New York have received bonuses of up to $3,000 per person from the state through the Health Care Worker Bonus Program.
Employees at Albuquerque-based University of New Mexico Hospital's campuses will receive raises as the hospital obtains increased Medicaid reimbursement.
A recent survey by SullivanCotter highlights the range of performance measures in health systems' annual incentive programs for executives and managers.
Orthopedic surgeons earn the highest average starting salary ($686,000) among physicians, while pediatricians have the lowest starting salary ($244,000), according to AMN Healthcare's "Review of Physician and Advanced Practitioner Recruiting Incentives," published Aug. 5.