The delay aims to align pay increases with the health system’s fiscal year to help “synchronize our financial planning, budgeting and benefits processes,” Jefferson said in a statement.
The 3% pay increase has been pushed to July 1 but will not be retroactive to the beginning of the year, according to the report.
“We understand that this news may come as a surprise and want to acknowledge that the decision was not made lightly,” Lisa Satterson, Jefferson’s chief human resources officer, said in an email to employees. “Our goal is to ensure the long-term stability and health of the organization while continuing to support our Jefferson colleagues.”
This change does not affect the 23,000 employees at Allentown, Pa.-based Lehigh Valley Health Network, which Jefferson merged with Nov. 1. The combination formed a 32-hospital system with more than 700 care sites.
The news comes shortly after Jefferson completed a $1 billion bond refinancing. A substantial portion of the proceeds were used to refinance LVHN debt, according to the report.
Jefferson did not respond to Becker’s request for comment.
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