Compensation Issues

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Spectrum Health to make $117M investment in higher pay, bonuses

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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.

The investment includes an increase in minimum wage to $15 an hour and up to $12,000 sign-on bonuses for inpatient registered nurses.

Those who receive bonuses must stay with the health system through Dec. 31, 2022, according to the article.

"That is going to be a pretty big impact on us. It's something we're going to be able to cover as an organization, but it was a big investment," CFO Matt Cox said. "There's a staffing crisis going on right now, so we wanted to retain our current staff. We're doing everything we can to build up our team and get through this pandemic."

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