In comparison to the hospital in the city Methodist hospitals pay structure is r
ID: 422589 • Letter: I
Question
In comparison to the hospital in the city Methodist hospitals pay structure is right in the middle in the hospital has been pretty successful in attracting and retaining employees. how would the hospital reconcile a living wages policy with its current compensation system, which is driven mostly by market factors? what evidence is available on the financial impact of a living wage policy on the organizations? does such a policy have a ancillary benefits that can be monetized, such as reduced turnover? In comparison to the hospital in the city Methodist hospitals pay structure is right in the middle in the hospital has been pretty successful in attracting and retaining employees. how would the hospital reconcile a living wages policy with its current compensation system, which is driven mostly by market factors? what evidence is available on the financial impact of a living wage policy on the organizations? does such a policy have a ancillary benefits that can be monetized, such as reduced turnover?Explanation / Answer
the healthcare providers realize the need and importance of quality manpower and their services to survive in the market. For that reason only they are focusing on all aspects to retain the employees with them. The most common thing and majority of the people motivated by good pay. It is the motivational input to most of the workers and healthcare providers are paying good salaries and wages to them.
For these they not only considered the minimum and living wages, they also considered the additonal expenditures bare by their employees, the economic conditions, inflation rates, the cost of others services and then fixing pay. The pay is usually higher than minimum and living wages in the respective nations, so that the employees feel better and deliver quality services to their employer.
even the living wage policy shows impact on financial position of the firm, they do not worry about it. Because for them there are many alternatives to generate more money by providing good and quality healthcare services to the patients. But if they do not pay and retain the quality manpower with them, the survival of the care unit will be question mark. with this reason, most of the care centers are paying good salaries to the workers and employees with them.
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