Compensation Of Memorial Hospital Savannah

1075 Words Sep 13th, 2015 5 Pages
Compensation Packages- Memorial Hospital Savannah HR is the one responsible of the development of the organization compensation system and of the development of the pay structures, programs and policies.an effective compensation system will be focused on compelling with the law, cost-effectiveness, provide equity in all aspects and enhancement of the organization (Flynn, 2015).
Compensation packages can include bonuses, benefits like health insurance, retirement benefits, paid time off, and professional development opportunities. Some of the compensation packages can include hourly salary, annual salary and other compensations like fee-for-service, bundle payment models and pay-for-performance. Factors employers need to consider at the time of offering a compensation package are the availability of healthcare providers, the demand for certain services, where those services are offered and which trends are affecting the delivery of those services.
It is necessary to address profitability of the healthcare providers positions and positions requirements such as experience, certifications, and education requirement. Types of benefits an employer can add to the compensation package are insurance befits for the employee and dependents, professional benefits, life insurance, retirement packages and many other incentives like home loans, relocation expenses, practice setup costs, sick leave, retention bonuses and more (Health Professions Compensation, 2013).
Cost benefit analysis…

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