1. Leadership ChallengeGroup I NUR737 GenevaCole, Tina Copple, Hermien Creger, Mary Hillanbrand, LetrellPeoples, Marian Picchi
2. Outline 1. Compressed Pay. What does it mean? 2. Challenges and problems identified 3.Compensation vs. Performance. What is the use? 4. Mercy Bucks- awarding effort and contribution 5. Objective measures of performance 6. Implementation timeline 7. Outcomes and new directions
5. Mercy Bucks Compensation system to recognize unit participation and performance Uses unit budget to fund incentive program Rewards are earned for completion of tasks and performance that support outcomes Non participants earn no rewards: Get people motivated, and explain the program
Every company has unique motives for affecting behavior and incentives to spirit participation in programs, retain staff, and drive business. We choose a system called Mercy Bucks, which is a (….read first point). Incentives are usually offered to reach company or department goals and objectives, recognize outstanding achievement , boost morale, and increase productivity, thus the funding must come from the source: the unit. Since no participation earns no recognition it is important to get the details of the system out, xplains how it works, and tie individual accomplishments to organizational vision and goals
Gostick and Elton proposes that long term success are not build on company strategy, but the wise use of capital. Compensation should be standard and aligned to support retention objectives, and consider years of service, and degree or certifications. Incentives, are just that. Recognition for hardworking nurses while motivation for others to participate in achieving unit and company goals. It usually requires membership to a team and is outcome driven.
Researched showed that nurses that are certified in a specific field has better patient relations, more focused on patient outcome, and better time management
