RETENTION BONUSES & Would You Stay? - page 3

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... Read More

  1. by   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.
  2. by   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 ****** 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.
    Last edit by EricaCCRN on Jul 7, '02
  3. by   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!
  4. 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!
  5. by   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!
  6. by   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!!!!!
  7. by   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 !
  8. by   Gomer
    Thanks for the comments EricaCCRN. We already do have straight 12-hour shifts with a few 10-hour shifts thrown in.
  9. by   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.
  10. by   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.
  11. by   bungies
    Just a note that our hosp doesn't particularly pay well (award rates) but with some excellent management and a lot of support they have one of the best retention records in the state. They also have a monthly forum that keeps nurses & allied health in the loop as to what management are doing or considering, and they listen. While not earning all that much, most of us feel respected most of the time.

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