COMP NEWS – New York-based Bassett Healthcare Network is rolling out $50 million in compensation increases for its staff after undergoing a full compensation analysis.
Bassett Healthcare Network has undertaken a full compensation analysis for its caregivers and practitioners across eight counties, investing nearly $50 million into pay increases for its workforce. The analysis, accomplished in partnership with outside firms called Gallagher and Sullivan Cotter, has resulted in wage adjustments across the organization that are competitive across New York State. The project represents Bassett leadership’s intensified dedication to its caregivers and practitioners, recruitment and retention, and the health system’s surrounding communities.
To engage in the compensation analysis, Bassett partnered with an outside firm to examine market data, job descriptions, and many other details to form a new pay grade structure.
Bassett partnered with Gallagher to engage in comprehensive position reviews for every caregiver across the organization, examining job descriptions, years of service, education, experience, and market data among other details to put in place a new pay grade structure and harmonize job titles. More than 1,200 caregiver positions have been analyzed individually as part of the analysis. Meanwhile, a parallel assessment conducted by Sullivan Cotter will boost pay structures for Bassett’s practitioner population with a focus on improving incentivized compensation and rewarding quality.
The full analysis follows Bassett’s recent minimum wage increase to $16 an hour.
The full sweep compensation evaluation and adjustment comes on the heels of Bassett recently increasing its minimum wage to $16 an hour. One year ago, in July 2021, the network increased its minimum wage to $15. Other initiatives are being prioritized by the organization’s leadership to boost retention and recruitment. Bassett, which is celebrating its 100-year anniversary this year, recently launched a new series of ads that underscore the institution’s legacy and more than century-long commitment to building healthy rural communities.
To read more about Bassett Healthcare Network’s compensation increases, click here. Bassett is currently hiring in all locations.
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