“Most strategies tend to focus on role, scope, span of control, empowerment, recognition and professional development,” but “these strategies have limited impact if they do not address underlying market competitive compensation and rewards,” AONL said in its Nursing Leadership Workforce Compendium.
Six ways hospitals can offer competitive compensation and rewards packages for nurse leaders:
1. Conduct market analysis for pay every six to 12 months depending on market dynamics.
2. Conduct a total rewards optimization survey with nurse managers.
3. Create total rewards statements to highlight the total value of compensation.
4. Provide hybrid work schedules and roles for nurse managers to create work-from-home opportunities.
5. Personalize benefits packages for employees to include things like child or elder care benefits.
6. Develop an interim leader coverage plan to allow for extended time off.
Learn more here.
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