GETTYSBURG, Pa. (Oct 10, 2021) – On October 21 at 1:00 pm ET, OPEN MINDS will host the Circle Elite Roundtable, How To Design A Performance-Based Compensation Model To Go Above Market Rate – An OPEN MINDS Strategy Series, for executives of health and human service organizations. The focus of this Circle Elite Roundtable will be on how to design a variable compensation program.
It is more important than ever to attract and retain quality talent. Is your organization remaining competitive with regards to employee compensation? Are your employees incentivized to go above and beyond their baseline metrics? As health care moves toward value-based reimbursement, it is important that organizations align staff compensation with those same performance metrics.
This Circle Elite Roundtable will feature OPEN MINDS Senior Associate, Ken Carr who will discuss best practices for how to pay employees more without raising wages. He will discuss how to define your goals, for example where can your organization improve, how to measure and reward metrics, and whether the individual or the team will receive the performance-based compensation. Ken will detail how to select and set up either the hybrid model, or the pure productivity model. Lastly, Ken will cover how to support your employees to meet the performance metrics and how to measure the metrics moving forward.
“In 2020, a study showed that 23% of hospitals and health systems had variable pay programs,” said OPEN MINDS Chief Executive Officer Monica E. Oss. “These programs can improve employee performance and increase their pay without raising base salaries. To remain competitive, every organization should consider similar strategies.”
The competition for high quality talent will only increase in the years ahead, making performance-based compensation a critical element of sustainability and success for provider organizations. While putting such a system in place takes considerable effort, time, and expertise, the long-term payout in terms of workforce retention and improved recruitment can be significant.
Executive attendees will learn:
- How to define your performance-based goals
- How to design your compensation model and rates
- How to support employees in meeting performance goals
- How to track and share performance outcomes
Ken Carr brings over 30 years of finance, technology, data analysis, and reporting experience in the health and human service field to OPEN MINDS. He currently serves as a Senior Associate with the OPEN MINDS consulting practice. In this role, Mr. Carr serves as a subject matter expert in the OPEN MINDS consulting practice, where he has led numerous engagements in strategic planning, merger and acquisition prospecting, business process improvement, managed care and value-based contracting preparedness, financial analysis of service lines, and technology selection.
To register for this event, visit: https://register.gotowebinar.com/register/2623926642409687821
The October 21 Circle Elite Roundtable—exclusive to Elite members of the OPEN MINDS Circle—is offered as part of a weekly series designed to help executive teams navigate the business, organizational, operational, and culture changes of a market in turbulence during (and after) the COVID-19 crisis. Each 60-minute briefing outlines a field-tested approach for recovering from the crisis and developing a plan for organizational sustainability. OPEN MINDS experts are on the line to answer questions and provide follow up private Quick Consults for members.
For more information on the program, or media inquiries, contact Sam Base, Market Intelligence, OPEN MINDS, at 717-334-1329 or firstname.lastname@example.org.
About OPEN MINDS
OPEN MINDS is an award-winning information source, executive education provider, and business solutions firm specializing in health and human services for people with chronic conditions and complex support needs. For thirty years, we’ve helped organizations implement the transformational business practices they need to succeed in an evolving market with new reimbursement, competition, policies, and regulations. Learn more at www.openminds.com.