Financial incentives for meeting budgets? Financial incentives for meeting budgets? | allnurses

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Financial incentives for meeting budgets?

  1. 0 I am curious if anyone has ever been in a nursing mangement position where bonuses or "perks" are recieved for meeting or coming in under budget for various operating costs of a unit? If not, have you ever heard of this type of incentive at other facilities?
    ex: equipment purchases, staffing budgets, materials purchases, etc.
  2. 6 Comments

  3. Visit  nursemaa profile page
    #1 0
    I've heard of many organizations who give bonuses to management for meeting standards regarding budget, patient satisfaction, etc. I think it's fairly common practice but don't know for sure.
  4. Visit  kitty=^..^=cat profile page
    #2 0
    I worked at a facility that incentivized managers to come in under budget for the year by offering a 15% annual bonus (based on salary). Those that developed processes to assure the cost-effectiveness of department operations were given additional percentages based on specific criteria. It was wonderful!!

    Although the bonuses amounted to a whole pile of money, it still worked in our budget and helped the managers learn the importance of being frugal with the organization's dollars.
  5. Visit  donmomofnine profile page
    #3 0
    Not at the three facilities I have worked.
  6. Visit  gamegirlkimmy profile page
    #4 0
    I am expecting my bonus this week. Our bonus is based on meeting the organizational goals which are different every year. Patient satisfaction, various budget issues, and HR were 2004 goals. I am not sure how much it will be yet but am excited to get it.
  7. Visit  kitty=^..^=cat profile page
    #5 0
    I'd never turn down even a tiny bonus!
  8. Visit  lee1 profile page
    #6 0
    Can someone please explain further how a middle level manager or upper level NURSE manager can get a financial bonus in a non-profit hospital??
    What can you financially change?? Staff--FTEs, par levels, types/cost of equipment?
    I understand pt satisfaction, personal goals, employee satisfaction, hosptial goals, etc