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.
