From Mid-year salary adjustments announced for 2,750 employees:
More than 2,750 staff at University of Iowa Health Care will soon be seeing a little more in their paycheck due to a mid-year market adjustment made by hospital leadership.
“In order to continue to provide outstanding care for our patients, we also must take care of our own staff,” says Suresh Gunasekaran, chief executive officer of University of Iowa Hospitals & Clinics, and associate vice president, University of Iowa Health Care. “One of the ways we are doing this is by making market adjustments that are more in line with the market.”
UI Health Care continuously monitors the market to ensure that our salaries are competitive. These analyses are then balanced against financial performance and operational priorities. At this time, we are able to provide mid-year market adjustments to nine employee classifications that were identified as most in need of adjustments to remain competitive in the market.
“Every employee is valued for their important contribution to the mission,” says Gunasekaran. While we are able to provide mid-year adjustments only for part of our workforce at this time, we will continue our ongoing review of job classifications for competitiveness.”
And some FAQs:
- Why did UI Health Care give the market adjustments to some employees?
- UI Health Care continuously monitors the market to ensure that our salaries are competitive. At this time, nine areas were identified as most in need of adjustments to remain competitive in the market. Those areas include all PD20 staff nurses, and certain classifications for medical lab scientists, social workers, and specialized imaging technologists who work in areas such as CT, MRI, Nuclear Medicine and Interventional Radiology.
- How many employees will receive a market adjustment in November?
- Approximately 2,750 employees within nine classifications will receive a mid-year adjustment. This will include approximately 2,450 nurses, and 300 social workers, medical lab scientists and imaging technologists.
- How much of a market adjustment did they get?
- The adjustments ranged from 0.25% to 6%, depending on where the employees were in their pay range, their length of service and their specific job assignment.
- How much is this costing UI Health Care?
- The total cost for this mid-year market adjustment to salary and benefits is more than $2.5 million for this fiscal year.
- Will these employees also be eligible for a raise in June, during our normal time for salary increases?
- Yes. This increase will not impact any other increase that an employee may earn or be scheduled to receive on July 1,2020.
- What is a market adjustment?
- A market adjustment is intended to align an employee’s salary with the market value for the work being performed and is based on approved market data, education and related professional credentials, and years of experience.
- Why does UI Health Care conduct market reviews?
- As the demand for highly skilled talent increases, UI Health Care must conduct annual market reviews of job titles critical to our business and clinical operations. Performing regular market reviews helps the organization to:
- Attract and retain qualified employees
- Ensure the external competitiveness of our compensation structure
- Be more responsive to local, regional, and national markets, when appropriate
- Maintain compensation levels that are within UI Health Care’s ability to pay and preserve internal equity
- What job classifications will you be reviewing next?
- We will continue to do market adjustment reviews for clinical and non-clinical positions across UI Health Care.
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