2001 Salary Survey Results
Which benefits are important to you?
Child care and elder care rank last
In the ED Management 2001 Salary Survey, respondents ranked the following benefits as important or extremely important:
- medical coverage: 88%;
- 401K or other plan: 86%;
- pension plan: 79%;
- flexible work schedule: 78%;
- dental coverage: 73%;
- life insurance: 55%;
- tuition reimbursement: 49%;
- eyecare coverage: 41%;
- annual/semi-annual bonus: 37%;
- profit-sharing plan: 21%;
- maternal/paternal leave: 19%;
- exercise facilities: 15%.
- child care: 9%;
- elder care: 5%;
Some hospitals are increasing 401K matching funds to as much as 9% or up to $5,000, says Diana Contino, RN, MBA, CEN, CCRN, president of Emergency Management Systems, a Monarch Beach, CA-based consulting firm that specializes in staffing issues. "Others are increasing vacation time or combining vacation and sick time into a paid time off’ bank," she adds.
Education reimbursement has increased between $1,000 to $2,500 on average, with some facilities offering much more for BSN or MSN degrees for full-time staff and prorated for part-time staff, she notes. Advertisements for positions increasingly emphasize enhanced benefits, says Contino. "One facility is even offering a $50,000 bonus for ED nurses, a few thousand in the first year and the balance at the end of four years," she reports. "They are able to do this because the traveling agency’s overhead is about $15 to $20 per hour because of housing costs," Contino explains.
This equates to between $31,200 and $41,600 per FTE, says Contino. "The chief nursing officers, chief financial officers, and chief executive officers understand these figures and are using a portion of this money to attract staff instead of paying agencies," she explains.