RETENTION BONUSES & Would You Stay?

[Gomer]

I'm trying to do some research for our "Recruitment/Retention" committee.

Do you know of any hospital that has implemented a RETENTION BONUS PROGRAM? If so, do you know the specifics of the program or have a contact person at that hospital?

If you had the following Retention Bonus program would you be inclined to stay with your current employer? (Assuming staffing was "OK", nurses were respected, no mandatory OT, you still would get a yearly raise, etc., etc.) PLEASE NOTE: We work in a great hospital, have the highest pay range in the city, great benefits, less than 8% turnover rate, etc. Our instructions were to "dream" a retention bonus plan and this is our dream...but would you buy it??

(Assuming an average hourly rate of $29/hr or about $60K/yr without OT...since we all get OT the final $ amount would increase, but how are the %'s to you?)

1-5 years of employment = 1.0% x yearly salary = $ 600.00

6-10 years if employment = 2.0% x yearly salary = $ 1200.00

11-15 years of employment = 3.0% x yearly salary = $ 1800.00

16-20 years of employment = 4.0% x yearly salary = $ 2400.00

21-25 years of employment = 5.0% x yearly salary = $ 3000.00

26+ years of employment = 6.0% x yearly salary = $ 3600.00

Also, in the retention program would be:

1. Increase in employer paid retirement program (based on yearly salary)

1-14 years of employment would have 7% contribution

15-20 years of employment would have 10% contribution

21-29 years of employment would have 12% contribution

30+ years of employment would have 15% contribution

2. Certification bonuses

3. Employer sponsored loans for buying a home (points paid) for employees with 5 years of employment.

Any information or input will be appreciated. Thanks in advance.

[Flo1216]

You know what really bothers me is that I know some nurse's assistants who make as much if not more than some RNS, simply because they have been there a long time. My aunt makes $18 an hour as a nurses's aid. I am a senior nursing student and I make $9.70 an hour doing the EXACT same thing and when I become an RN for this hospital I will only start at $18.90. Some of the CNA'S I work with make more than that. My hospital focuses on quantity not quality. All they care about is how many doubles you do and how early you come in. It doesn't matter if you actually do a good job. I literally bust my ass while these CNA'S making RN salaries sit around and do nothing. I just don't understand how someone whose primary job is to clean ass(and believe me, that IS mostly what I do) can make more than an RN. Am I wrong in feeling this way? Also, I have a contract with this hospital for 3 years and I have decided that I really don't want to work there for numerous reasons. Does anyone know if hospitals "buy" contracts? Like my hospital will pro-rate mine after a year but I don't even know if I want to stay that long.

[PhantomRN]

SleepyEyes I am with you. I look at the salaries that I could make as agency and am very tempted. It is only a matter of time before I do it as well.

Flo1216, I too am amazed at the amount of money CNAs can make. I just say an ad in the paper a few weeks back that stated the CNAs could make 18.00 an hour at an agency.....that same agency pays their RNs 20.00 an hour, then to make matters worse the office nurses around here only make 16-17 an hour.

[SharkadelicRN]

The hospital I work for just started a retention bonus program. In January they paid all full time nurses $2500. If we remain working full time on the same unit then in 1 yr we get another $1250, and then after 2 yrs another $1250 ($5000) total. They did this because they were starting a sign on bonus program at the same time to try to hire more nurses. The sign on bonus was basically the same, except they got the first $2500 after 90 days in orientation. There are no contracts, no commitment from the nurses to stay. The only thing is that if we stay, we get more money, but we are not required to stay. For the new grads they are also offering a student loan repayment program. They will pay $10000 for a 3 year employment contract. Although I was eligible for this since at the time the retention bonuses were started I was a new grad and had just started my orientation that week, I chose to accept the retention bonus since I would have no commitments to the hospital. If I chose to leave, I would not lose anything.

I think the bonuses you are offering are very low, especially considering you are in Southern California. I hope this helped.

[EricaCCRN]

Sharkadelic

I agree this bonuses are low since they are taxed at damn near 50%. These are NOT the solution. WAKE UP MANAGEMENT!!!!!

I have to laugh at the way money is spent by facilities. An article in our local newspaper today revealed the CEO's salary. This is the same jerk that said he can't give the RNS more than a 1% raise because it would put the hospital in the "red". THen he turns around & builds a 42 million dollar addition onto the hospital to house a new ER, OR, and mother/baby unit. This included french doors w/ etched glass on all the PRIVATE ER rooms (equipped with new cable TVs), a baby grand piano in the lobby complete with glass elevators & huge fountain. The maternity unit is complete with window seats, jacuzzi tubs, and lovely hardwood floors so the amniotic fluid & blood can get trapped in the crevaces between the boards and spread bloodborne pathogens to all. Then, we got a new cafeteria where all the cooks wear foofy chef hats & white coats (like a damn five star eatery). There are signs all over the hospital advertising this new cafeteria where a shitty dry cheesburger goes for $4 (residents & MDs eat for free of course!) and the patients have room service. The food is cooked by Marriot (no better quality, just a bragging point for the hospital) so you know that contract costs them a bundle. Now, the RN payscale is $15 - 21.09 per hour. This little 1% raise was the first the nurses saw since 1991. This used to be a nice hospital but since taking on the "hotel" or "day spa" look, the quality of patient care has really hit the toilet in the last year or so.

Sorry so long, just a sore spot with me. :(

[SmilingBluEyes]

Erica, all I can say, is I am BREATHLESS.....what a travesty. I can see why you would be burned out and frustrated. UGH!

[Gomer]

Thank You One and All for Your Input!

You all are very correct, our "retention formula" is low, but it was just a guess (never actually presented), a starting point. And it is a very short term solution.

Looking at the big picture our research has found that the following were areas that would be more positive than a retention bonus: autonomy, salaries, schedules, credibility gap, and professional respect. Any comments?

So, let me ask you all another question? If the RN salary range was from (let's say) $25.00/hr ($52K) to $40.00/hr ($83K), shift diff for nights ($4/hr) and weekends ($5/hr), PTO was allowed to accrue up to 500 hours (and you could sell it back to the hospital 80hr/yr), you also would get extend sick leave up to 196 hr/year, insurances included health, dental, life, disability, vision, etc., tuition reimbursement of $2000/yr, & profession certifications paid at 100% -- would that be better than a retention bonus?

And, I'm still open for any suggestions/information if your hospital offers a retention bonus.

Thanks again!

[fedupnurse]

Hey EricaCCRN, so what is the CEO's salary? Our ceo got 256K in 1991. I can only imagine what he is getting now. He claims he was low paid then. HAH!

[Furball]

Originally posted by Gomer

Thank You One and All for Your Input!

You all are very correct, our "retention formula" is low, but it was just a guess (never actually presented), a starting point. And it is a very short term solution.

Looking at the big picture our research has found that the following were areas that would be more positive than a retention bonus: autonomy, salaries, schedules, credibility gap, and professional respect. Any comments?

So, let me ask you all another question? If the RN salary range was from (let's say) $25.00/hr ($52K) to $40.00/hr ($83K), shift diff for nights ($4/hr) and weekends ($5/hr), PTO was allowed to accrue up to 500 hours (and you could sell it back to the hospital 80hr/yr), you also would get extend sick leave up to 196 hr/year, insurances included health, dental, life, disability, vision, etc., tuition reimbursement of $2000/yr, & profession certifications paid at 100% -- would that be better than a retention bonus?

And, I'm still open for any suggestions/information if your hospital offers a retention bonus.

Thanks again!

You're getting warmer!!!!!

[EricaCCRN]

Fed up....600K. Can you believe that? Our town is one of the dumpiest & cheapest places to live, too.

Gomer....MUCH better!! I was teed off at my last stqaff job when they took our vacation time & our sick time to lump them in together as "paid time off." Having both sick, personal, and vaction times would definately be a plus in my book. Also, those salaries are quite nice & would frankly put the agencies out of business. Let me suggest one more point, though. I think rotating shifts is VERY primative & it irritates me . If possible & if your staffing numbers allow, consider creating straight shift positions. I don't see why more hospitals don't do this. Staff are more rested, happier, and more productive. If I was king of the world, I'd let everyone pick their shifts :) !

[Gomer]

Thanks for the comments EricaCCRN. We already do have straight 12-hour shifts with a few 10-hour shifts thrown in.

[OC_An Khe]

Gomer,

In the right direction. Would add a bonus for certifications as well as hospital reimbursing costs of obtaining and maintaining.

The 3Rs are important, they are RESPECT, REWARD, AND RECOGNITION. aLL three areas must be addressed in order to have an effective retention program.

[Joanne Gibson]

Retention bonus or no retention bonus, it doesn't matter to me. I'm staying in my current position - it's the best job I've ever had. I work for a large pharmaceutical company in Medical Information. M-F, no week ends, nights, or over time. If I have a sick child I don't feel so guilty calling in. It's not the best paying job but the benefits sure out weigh going back to the hospitals and working your butt off. Also, there is a mutual respect here with the RN's, RpH's, and MD's.