VP, Total Rewards, Ravenna Chemicals
Nina Larsen· Benefits Manager, Ravenna Chemicals
Posted in Compensation ·
Our hospital group in the US Midwest, about 9,000 employees, raised the new graduate nurse hiring rate twice in 14 months to compete locally. Nobody modelled what that did to the people already here.
By the time I joined, a nurse with three years of experience was earning on average 1.8% more than someone straight out of school, and in two units they were earning less. We found out through exit interviews.
The fix cost 1.1% of nursing payroll: an experience-based adjustment that restored a minimum gap of 2.5% per year of relevant experience up to year six. My lesson is that every hiring rate change needs a compression model attached before it is approved. How do others build that in?
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