Human Resources for Health Care Organizations

Market competitiveness has a strong impact on compensation. Discuss the strategies employed by health care organizations to compete in the market. Be sure to discuss compensation plans.
Instructions
Imagine that you have been asked to redesign the compensation plan for your organization. Your goals are reduced turnover, increased patient satisfaction, and increased employee satisfaction/engagement. Your purpose is to develop a thorough compensation plan for your health care organization.

• Summarize the five key elements that must be considered as you develop the compensation plan.
In determining the compensation strategy for an organization there are five key elements that should be considered:

(1) the forms of compensation that will be or can be offered,

(2) workforce demographics,

(3) the business cycle,

(4) the compensation philosophy

(5) legal and regulatory compliance.

All of these elements should be considered in the context of the legal and regulatory requirements related to compensation.

• Detail the revised compensation plan -use both Direct and Indirect Forms of Compensation to develop your overall strategy.