Turnover in healthcare leadership positions is up, with more executives looking to retire after years of COVID-19. At the same time, health systems have become more complex as they consolidate, requiring additional levels of experience.
Healthcare organizations face stiff competition in their search for executive talent as a result—leading decision-makers to boost compensation and shift resources toward emerging needs.
Health systems with successful recruiting programs consider the total reward structure when offering compensation, said Bill Dixon, a managing director at executive compensation consultancy Pearl Meyer.
Base salary increases can be reactionary and a temporary solution, Dixon said, adding that incentive plans can evolve past traditional financial, quality, and experience metrics. For example, health systems might formulate incentives around progress made toward their larger strategic vision.