Rate of pay for RN's

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Specializes in M/S, ER LTC.

i was curious if you could give me some ideas on how you figure rate of pay for an rn new hire. our current way has been to give the base rate plus 1% per year of nursing experience. our board of directors doesn't feel this is the way to do it, but they don't have any other options so they are waiting for us to come up with other ideas. i need some help from all of you.

please and thank you.

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Specializes in I have an interest in Travel and OB/L&D.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

My previous workplace, a major fortune 500 corporation, performed annual salary surveys to determine the pay rates for new hires. Basically, they interviewed other facilities in the general metro area to discover what other companies were paying their new hires. Then, they proceeded to tabulate a competitive pay rate for new hires based on the results of the survey.

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Specializes in M/S, ER LTC.

OK but how do you differentiate pay from a nurse with 1 year experience and a nurse with 20 years experience?

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Specializes in Open Heart/ Trauma/ Sx Stepdown/ Tele.

Hope this helps..for new hire base pay is 24.50

1 year exp 24.99

2 years exp 25.49

3 years exp 26.00

4 years exp 26.52

5 years exp 27.05

etc up to 13 yrs experience.

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Specializes in Pulmonology/Critical Care, Internal Med.

Well, how about this.

Base, then

-for various certifications .50 to .75 (ACLS, PALS, ATLS, etc) that you can take a class on and get

-specialty certifications regardless of what they are 1.50 (CCRN, etc.)

-BSN gets you 1.50 (hospitals wants you to have a BSN well time they pay for it)

-MSN gets you 3.00 for those who are non salaried

-each year of experience should be 4% on top of base compounded. Ex. Base of 18.00 +1.50 for BSN + .75 for ACLS= 20.25

-RN has 3 yrs experience, so thats

20.25+4%=21.06 (1 yr exp)

21.06+4%=21.90 (2 yr exp)

21.90+4%=22.77 (3 yr exp)

-once they get a certification its added directly to the total amount of hourly wages. So this nurse gets her CCRN 6 months into working for the hospital so thats 22.77 +1.50= 24.27. For every yearshe is there she should get at least the 4% if not more depending on her evals, etc.

So hows that for ya?

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Specializes in ER, Medicine.

Interesting.

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